Todd Asset Management LLC Cuts Stock Holdings in Eastman Chemical (NYSE:EMN)

Todd Asset Management LLC cut its position in shares of Eastman Chemical (NYSE:EMN) by 32.4% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 187,839 shares of the basic materials company’s stock after selling 90,140 shares during the period. Todd Asset Management LLC owned 0.16% of Eastman Chemical worth $16,872,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC raised its stake in shares of Eastman Chemical by 6.4% during the 3rd quarter. Commonwealth Equity Services LLC now owns 76,744 shares of the basic materials company’s stock worth $5,888,000 after buying an additional 4,626 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in Eastman Chemical by 9.3% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 65,941 shares of the basic materials company’s stock valued at $5,059,000 after purchasing an additional 5,608 shares in the last quarter. Xponance Inc. grew its position in shares of Eastman Chemical by 3.4% in the third quarter. Xponance Inc. now owns 17,330 shares of the basic materials company’s stock valued at $1,330,000 after purchasing an additional 562 shares during the period. Pinnacle Associates Ltd. increased its stake in shares of Eastman Chemical by 5.2% during the third quarter. Pinnacle Associates Ltd. now owns 7,558 shares of the basic materials company’s stock worth $580,000 after purchasing an additional 376 shares in the last quarter. Finally, FinTrust Capital Advisors LLC raised its position in shares of Eastman Chemical by 107.3% during the 3rd quarter. FinTrust Capital Advisors LLC now owns 1,171 shares of the basic materials company’s stock worth $90,000 after purchasing an additional 606 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Activity at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Trading Up 1.6 %

EMN traded up $1.58 on Friday, hitting $97.50. The company had a trading volume of 859,678 shares, compared to its average volume of 928,148. The company has a current ratio of 1.39, a quick ratio of 0.70 and a debt-to-equity ratio of 0.77. The firm has a market cap of $11.47 billion, a P/E ratio of 12.56, a PEG ratio of 1.04 and a beta of 1.54. The company’s fifty day moving average price is $95.01 and its 200 day moving average price is $87.17. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping 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 for the quarter, compared to analyst estimates of $2.29 billion. During the same period in the prior year, the business posted $1.63 EPS. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, equities analysts expect that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.32%. Eastman Chemical’s payout ratio is presently 41.75%.

Analyst Ratings Changes

EMN has been the subject of a number of research analyst reports. UBS Group increased their target price on Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a report on Friday, February 2nd. Bank of America decreased their price objective on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Citigroup upped their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Piper Sandler raised their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, KeyCorp boosted their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $103.12.

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.