Northwestern Mutual Wealth Management Co. Sells 753 Shares of Eastman Chemical (NYSE:EMN)

Northwestern Mutual Wealth Management Co. lowered its position in Eastman Chemical (NYSE:EMN) by 5.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,461 shares of the basic materials company’s stock after selling 753 shares during the quarter. Northwestern Mutual Wealth Management Co.’s holdings in Eastman Chemical were worth $1,319,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Cultivar Capital Inc. purchased a new position in shares of Eastman Chemical during the second quarter valued at $29,000. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the 1st quarter valued at about $34,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical in the 1st quarter valued at about $38,000. Rothschild Investment LLC purchased a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $38,000. Finally, Friedenthal Financial bought a new position in shares of Eastman Chemical during the second quarter valued at approximately $49,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of recent research reports. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Barclays boosted their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised their price objective on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Piper Sandler restated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Stock Up 1.0 %

Shares of EMN stock opened at $109.00 on Friday. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $114.50. The firm has a market capitalization of $12.82 billion, a PE ratio of 14.05, a P/E/G ratio of 0.82 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The stock’s 50-day simple moving average is $101.87 and its 200-day simple moving average is $99.80.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company earned $1.99 EPS. Eastman Chemical’s quarterly revenue was up 1.7% on a year-over-year basis. Equities analysts expect that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 2.97%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s payout ratio 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.