OLD Republic International Corp Sells 4,000 Shares of Eastman Chemical (NYSE:EMN)

OLD Republic International Corp lessened its holdings in Eastman Chemical (NYSE:EMN) by 1.2% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 326,500 shares of the basic materials company’s stock after selling 4,000 shares during the period. OLD Republic International Corp owned 0.28% of Eastman Chemical worth $29,326,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of EMN. Tucker Asset Management LLC lifted its stake in Eastman Chemical by 19.5% in the 3rd quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock worth $67,000 after purchasing an additional 142 shares in the last quarter. Atria Wealth Solutions Inc. boosted its stake in 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. Parkside Financial Bank & Trust boosted its stake in Eastman Chemical by 26.2% during the third quarter. Parkside Financial Bank & Trust now owns 814 shares of the basic materials company’s stock valued at $62,000 after buying an additional 169 shares during the last quarter. Steph & Co. grew its holdings in Eastman Chemical by 12.8% during the 3rd quarter. Steph & Co. now owns 1,765 shares of the basic materials company’s stock valued at $135,000 after buying an additional 200 shares in the last quarter. Finally, Allworth Financial LP increased its stake in Eastman Chemical by 16.7% in the 4th quarter. Allworth Financial LP now owns 1,434 shares of the basic materials company’s stock worth $129,000 after acquiring an additional 205 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Trading Up 0.3 %

Shares of NYSE EMN traded up $0.34 during trading hours on Friday, reaching $101.43. The stock had a trading volume of 197,765 shares, compared to its average volume of 1,064,186. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The firm has a market cap of $11.93 billion, a price-to-earnings ratio of 13.03, a P/E/G ratio of 1.06 and a beta of 1.54. The business’s fifty day moving average price is $96.10 and its two-hundred day moving average price is $87.94. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.63 EPS. Analysts expect that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be issued a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.19%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction that occurred on 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 document filed with the SEC, which can be accessed through this hyperlink. In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Corporate insiders own 2.27% of the company’s stock.

Wall Street Analysts Forecast Growth

EMN has been the subject of a number of recent research reports. Stifel Nicolaus cut their target price on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. Bank of America reduced their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Citigroup increased their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Barclays lifted their price target on Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research report on Monday. Finally, Wells Fargo & Company upped their price objective on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $104.18.

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.