Eastman Chemical (NYSE:EMN) Shares Bought by RNC Capital Management LLC

RNC Capital Management LLC raised its holdings in Eastman Chemical (NYSE:EMN – Get Rating) by 2.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 14,185 shares of the basic materials company’s stock after purchasing an additional 370 shares during the period. RNC Capital Management LLC’s holdings in Eastman Chemical were worth $1,715,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in EMN. Penserra Capital Management LLC increased its holdings in shares of Eastman Chemical by 60.0% in the 3rd quarter. Penserra Capital Management LLC now owns 264 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 99 shares during the last quarter. David J Yvars Group bought a new position in Eastman Chemical during the 4th quarter worth $30,000. Farmers & Merchants Investments Inc. grew its stake in Eastman Chemical by 292.5% during the 4th quarter. Farmers & Merchants Investments Inc. now owns 263 shares of the basic materials company’s stock worth $32,000 after buying an additional 196 shares during the last quarter. Nvwm LLC bought a new position in Eastman Chemical during the 3rd quarter worth $36,000. Finally, Northwest Investment Counselors LLC acquired a new position in Eastman Chemical during the 4th quarter worth $40,000. 82.59% of the stock is currently owned by institutional investors.

In other Eastman Chemical news, SVP Mark K. Cox sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $120.79, for a total value of $586,797.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Christopher Moore Killian sold 14,738 shares of the firm’s stock in a transaction that occurred on Thursday, February 10th. The stock was sold at an average price of $122.75, for a total value of $1,809,089.50. The disclosure for this sale can be found here. Corporate insiders own 1.87% of the company’s stock.

A number of research analysts have issued reports on the company. KeyCorp reduced their price target on Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating for the company in a research report on Tuesday, April 5th. Wells Fargo & Company reduced their price target on Eastman Chemical from $138.00 to $128.00 and set an “overweight” rating for the company in a research report on Wednesday, April 6th. Piper Sandler reduced their price target on Eastman Chemical from $126.00 to $118.00 and set a “neutral” rating for the company in a research report on Wednesday, March 9th. StockNews.com initiated coverage on Eastman Chemical in a report on Thursday, March 31st. They issued a “buy” rating for the company. Finally, Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their target price for the company from $150.00 to $124.00 in a report on Tuesday. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $130.31.

EMN stock traded up $1.52 during mid-day trading on Tuesday, hitting $110.34. The stock had a trading volume of 34,532 shares, compared to its average volume of 1,281,848. The company has a current ratio of 1.56, a quick ratio of 1.06 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 1-year low of $98.24 and a 1-year high of $130.47. The company has a fifty day moving average of $112.82 and a 200 day moving average of $113.87. The stock has a market capitalization of $14.23 billion, a price-to-earnings ratio of 17.29, a PEG ratio of 0.67 and a beta of 1.47.

Eastman Chemical (NYSE:EMN – Get Rating) last issued its quarterly earnings data on Thursday, January 27th. The basic materials company reported $1.81 EPS for the quarter, missing the Zacks’ consensus estimate of $1.89 by ($0.08). The company had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 8.18% and a return on equity of 19.93%. The business’s revenue was up 23.2% on a year-over-year basis. During the same period in the prior year, the company posted $1.69 EPS. As a group, sell-side analysts expect that Eastman Chemical will post 9.67 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 1st. Stockholders of record on Tuesday, March 15th were issued a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend was Monday, March 14th. Eastman Chemical’s dividend payout ratio is 48.25%.

Eastman Chemical Company Profile (Get Rating)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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