Kingswood Wealth Advisors LLC Raises Stake in Eastman Chemical (NYSE:EMN)

Kingswood Wealth Advisors LLC lifted its position in Eastman Chemical (NYSE:EMN) by 19.0% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,915 shares of the basic materials company’s stock after purchasing an additional 626 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Eastman Chemical were worth $392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in Eastman Chemical by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after acquiring an additional 61,580 shares during the period. Putnam Investments LLC lifted its holdings in Eastman Chemical by 4.0% in the 4th quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock worth $391,203,000 after purchasing an additional 168,038 shares in the last quarter. Morgan Stanley boosted its stake in Eastman Chemical by 1.0% in the 3rd quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock worth $305,258,000 after purchasing an additional 39,860 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Eastman Chemical by 7.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after buying an additional 168,009 shares in the last quarter. Finally, Earnest Partners LLC lifted its holdings in shares of Eastman Chemical by 19.9% in the third quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock worth $138,686,000 after buying an additional 299,951 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Barclays raised their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. Citigroup cut their price target on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Bank of America cut their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a report on Monday, April 29th. Finally, Piper Sandler upped their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research note on Tuesday, April 30th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $107.31.

Insiders Place Their Bets

In other news, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, 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 value of $10,318,864.20. Following the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The disclosure for this sale can be found here. Insiders have sold a total of 108,027 shares of company stock worth $10,885,638 in the last three months. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

EMN opened at $97.18 on Friday. The business has a fifty day moving average of $99.27 and a 200 day moving average of $93.12. The stock has a market cap of $11.43 billion, a P/E ratio of 12.52, a PEG ratio of 1.07 and a beta of 1.51. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business’s revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $1.63 earnings per share. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.69 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

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.