Chevy Chase Trust Holdings LLC Decreases Stake in Eastman Chemical (NYSE:EMN)

Chevy Chase Trust Holdings LLC lessened its stake in shares of Eastman Chemical (NYSE:EMN) by 3.0% during the 4th quarter, Holdings Channel reports. The firm owned 60,826 shares of the basic materials company’s stock after selling 1,859 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Eastman Chemical were worth $5,555,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the stock. Crews Bank & Trust purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at $27,000. Dunhill Financial LLC grew its stake in Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the third quarter valued at about $38,000. Stonebridge Financial Group LLC purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $37,000. Finally, Exchange Traded Concepts LLC lifted its holdings in shares of Eastman Chemical by 784.4% during the third quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 604 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analysts Set New Price Targets

EMN has been the topic of several research reports. Barclays cut their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Royal Bank of Canada raised their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 4th. KeyCorp upped their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Piper Sandler lifted their price objective on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Finally, JPMorgan Chase & Co. upped their target price on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $114.08.

Insider Buying and Selling

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction dated 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. This trade represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by insiders.

Eastman Chemical Stock Down 0.6 %

Shares of EMN opened at $100.99 on Tuesday. The firm has a market cap of $11.71 billion, a P/E ratio of 13.15, a PEG ratio of 1.24 and a beta of 1.44. Eastman Chemical has a 12 month low of $83.38 and a 12 month high of $114.50. The stock’s 50 day moving average is $94.27 and its two-hundred day moving average is $100.12. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. Analysts predict that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.23%.

Eastman Chemical 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.