Fifth Third Bancorp Sells 7,296 Shares of Eastman Chemical (NYSE:EMN)

Fifth Third Bancorp lessened its position in Eastman Chemical (NYSE:EMNFree Report) by 17.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 34,972 shares of the basic materials company’s stock after selling 7,296 shares during the period. Fifth Third Bancorp’s holdings in Eastman Chemical were worth $3,194,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. State Street Corp lifted its position in Eastman Chemical by 1.4% in the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock valued at $595,820,000 after acquiring an additional 70,692 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after purchasing an additional 282,458 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Eastman Chemical by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock valued at $310,628,000 after buying an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Eastman Chemical by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after buying an additional 83,504 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its position in Eastman Chemical by 15.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after buying an additional 126,301 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 1.2 %

EMN opened at $93.27 on Tuesday. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 12.49, a price-to-earnings-growth ratio of 0.67 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The firm’s fifty day moving average is $95.48 and its 200 day moving average is $100.16. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMNGet Free Report) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.47 earnings per share. On average, sell-side analysts forecast that Eastman Chemical will post 7.6 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th were given a dividend of $0.83 per share. The ex-dividend date was Monday, December 16th. This represents a $3.32 annualized dividend and a dividend yield of 3.56%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on EMN. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Mizuho upped their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price objective for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $112.92.

Get Our Latest Analysis on EMN

Insider Transactions at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,021 shares of company stock valued at $1,895,948. 1.93% of the stock is currently owned by corporate insiders.

About Eastman Chemical

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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