Eastman Chemical (NYSE:EMN) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN cut its stake in Eastman Chemical (NYSE:EMN) by 2.4% during the third quarter, HoldingsChannel reports. The institutional investor owned 9,421 shares of the basic materials company’s stock after selling 233 shares during the quarter. OLD National Bancorp IN’s holdings in Eastman Chemical were worth $1,055,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bessemer Group Inc. lifted its stake in Eastman Chemical by 321.2% in the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after buying an additional 12,392 shares in the last quarter. Empowered Funds LLC purchased a new position in Eastman Chemical in the 1st quarter valued at about $594,000. Dakota Wealth Management lifted its stake in Eastman Chemical by 13.5% in the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after purchasing an additional 2,655 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in Eastman Chemical by 11.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after purchasing an additional 7,717 shares in the last quarter. Finally, Van ECK Associates Corp lifted its stake in Eastman Chemical by 31.5% in the 1st quarter. Van ECK Associates Corp now owns 48,276 shares of the basic materials company’s stock worth $4,838,000 after purchasing an additional 11,569 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on EMN. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Citigroup reduced their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Finally, Mizuho lifted their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Stock Performance

NYSE:EMN opened at $107.83 on Tuesday. The company has a fifty day simple moving average of $104.43 and a two-hundred day simple moving average of $100.63. The company has a market cap of $12.69 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate of $2.01 by $0.14. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.99 earnings per share. As a group, equities analysts anticipate that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were paid a $0.81 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.00%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

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.