Carret Asset Management LLC Lowers Stock Holdings in Eastman Chemical (NYSE:EMN)

Carret Asset Management LLC decreased its position in shares of Eastman Chemical (NYSE:EMN) by 12.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,403 shares of the basic materials company’s stock after selling 1,840 shares during the period. Carret Asset Management LLC’s holdings in Eastman Chemical were worth $1,243,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in EMN. Quadrant Capital Group LLC grew its stake in shares of Eastman Chemical by 8.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock valued at $147,000 after buying an additional 128 shares during the last quarter. Tucker Asset Management LLC grew its stake in shares of Eastman Chemical by 19.5% during the third quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock valued at $67,000 after buying an additional 142 shares during the last quarter. Atria Wealth Solutions Inc. grew its stake in shares of Eastman Chemical by 4.6% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company’s stock valued at $310,000 after buying an additional 151 shares during the last quarter. Allworth Financial LP grew its stake in shares of Eastman Chemical by 16.7% during the fourth quarter. Allworth Financial LP now owns 1,434 shares of the basic materials company’s stock valued at $129,000 after buying an additional 205 shares during the last quarter. Finally, Gilbert & Cook Inc. grew its stake in shares of Eastman Chemical by 5.0% during the fourth quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock valued at $400,000 after buying an additional 212 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Activity

In related news, SVP Adrian James Holt sold 3,662 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, SVP Adrian James Holt sold 3,662 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 108,027 shares of company stock worth $10,885,638. Insiders own 2.28% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EMN. Piper Sandler raised their price objective on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, April 30th. Citigroup cut their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Jefferies Financial Group raised Eastman Chemical from a “hold” rating to a “buy” rating and raised their target price for the stock from $102.00 to $125.00 in a research note on Monday, April 29th. KeyCorp raised their target price on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, Barclays raised their target price on Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $107.31.

Eastman Chemical Price Performance

EMN stock opened at $95.87 on Thursday. The firm has a 50 day moving average price of $99.23 and a 200-day moving average price of $93.42. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The firm has a market capitalization of $11.28 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.04 and a beta of 1.46. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same period last year, the business earned $1.63 earnings per share. The business’s revenue was down 4.2% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.38%. Eastman Chemical’s payout ratio is 41.75%.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.