Fifth Third Wealth Advisors LLC Has $334,000 Position in Eastman Chemical (NYSE:EMN)

Fifth Third Wealth Advisors LLC trimmed its holdings in shares of Eastman Chemical (NYSE:EMN) by 16.8% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 3,653 shares of the basic materials company’s stock after selling 737 shares during the period. Fifth Third Wealth Advisors LLC’s holdings in Eastman Chemical were worth $334,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Assenagon Asset Management S.A. boosted its position in Eastman Chemical by 1,104.3% during the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares during the last quarter. Truist Financial Corp raised its stake in shares of Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after purchasing an additional 617,889 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after buying an additional 340,562 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Eastman Chemical by 5.7% in 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 buying an additional 282,458 shares in the last quarter. Finally, National Bank of Canada FI increased its holdings in Eastman Chemical by 492.9% during the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after buying an additional 177,207 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $93.22 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $10.81 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 0.62 and a beta of 1.44. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The company has a 50-day simple moving average of $96.52 and a two-hundred day simple moving average of $100.21.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.47 earnings per share. Analysts forecast that Eastman Chemical will post 7.61 EPS for the current year.

Eastman Chemical Increases Dividend

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

Insider Activity at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the transaction, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at $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. Insiders sold a total of 18,021 shares of company stock valued at $1,895,948 over the last quarter. 2.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

EMN has been the subject of a number of analyst reports. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday. Royal Bank of Canada reiterated a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Friday, November 22nd. Finally, Mizuho increased their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $112.92.

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.