Sequoia Financial Advisors LLC Decreases Stake in Eastman Chemical (NYSE:EMN)

Sequoia Financial Advisors LLC cut its position in shares of Eastman Chemical (NYSE:EMN) by 94.9% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,706 shares of the basic materials company’s stock after selling 50,549 shares during the period. Sequoia Financial Advisors LLC’s holdings in Eastman Chemical were worth $303,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Capital Research Global Investors raised its stake in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after acquiring an additional 3,909,740 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Eastman Chemical by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after purchasing an additional 198,645 shares in the last quarter. Earnest Partners LLC grew its holdings in shares of Eastman Chemical by 1.8% in the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after purchasing an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Eastman Chemical by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock valued at $119,569,000 after purchasing an additional 7,847 shares in the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Eastman Chemical by 18.1% during the 1st quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock worth $112,307,000 after acquiring an additional 171,945 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 1.2 %

NYSE EMN opened at $106.70 on Tuesday. Eastman Chemical has a one year low of $72.87 and a one year high of $114.50. The company’s 50 day moving average price is $105.39 and its 200 day moving average price is $100.84. 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 firm has a market capitalization of $12.55 billion, a price-to-earnings ratio of 13.75, a PEG ratio of 0.81 and a beta of 1.44.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were issued a $0.81 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.04%. Eastman Chemical’s payout ratio is 41.75%.

Analyst Ratings Changes

Several research analysts have commented on EMN shares. Barclays boosted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research report on Friday, October 11th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $110.20.

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.