Park Avenue Securities LLC Has $961,000 Holdings in Eastman Chemical (NYSE:EMN)

Park Avenue Securities LLC boosted its stake in shares of Eastman Chemical (NYSE:EMN) by 25.2% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,527 shares of the basic materials company’s stock after buying an additional 2,119 shares during the period. Park Avenue Securities LLC’s holdings in Eastman Chemical were worth $961,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wolff Wiese Magana LLC raised its holdings in Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the period. Dunhill Financial LLC raised its holdings in Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after buying an additional 162 shares during the period. Northwest Investment Counselors LLC acquired a new stake in Eastman Chemical during the 3rd quarter worth about $38,000. Massmutual Trust Co. FSB ADV raised its holdings in Eastman Chemical by 52.6% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock worth $60,000 after buying an additional 185 shares during the period. Finally, Benjamin F. Edwards & Company Inc. raised its holdings in Eastman Chemical by 30.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock worth $60,000 after buying an additional 144 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the 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 completion of the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 over the last 90 days. 1.93% of the stock is currently owned by company insiders.

Eastman Chemical Trading Up 1.6 %

Shares of NYSE EMN opened at $93.22 on Tuesday. The stock has a market cap of $10.81 billion, a price-to-earnings ratio of 12.48, a PEG ratio of 0.62 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The business has a 50 day simple moving average of $96.34 and a 200 day simple moving average of $100.26. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50.

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

Eastman Chemical Increases Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Mizuho upped their target price on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler dropped their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus target price of $112.92.

About Eastman Chemical

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.