Janney Montgomery Scott LLC Sells 996 Shares of Eastman Chemical (NYSE:EMN)

Janney Montgomery Scott LLC decreased its position in Eastman Chemical (NYSE:EMN) by 4.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,081 shares of the basic materials company’s stock after selling 996 shares during the period. Janney Montgomery Scott LLC’s holdings in Eastman Chemical were worth $1,834,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Dakota Wealth Management grew its stake in Eastman Chemical by 14.6% during the fourth quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock valued at $4,081,000 after acquiring an additional 5,700 shares in the last quarter. Kera Capital Partners Inc. purchased a new position in shares of Eastman Chemical during the fourth quarter worth about $226,000. HB Wealth Management LLC raised its stake in Eastman Chemical by 133.7% in the fourth quarter. HB Wealth Management LLC now owns 5,354 shares of the basic materials company’s stock valued at $489,000 after purchasing an additional 3,063 shares in the last quarter. Merit Financial Group LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at $242,000. Finally, Wedge Capital Management L L P NC lifted its holdings in shares of Eastman Chemical by 0.5% during the 4th quarter. Wedge Capital Management L L P NC now owns 105,666 shares of the basic materials company’s stock worth $9,649,000 after acquiring an additional 519 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

EMN has been the topic of a number of research analyst reports. Piper Sandler reduced their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. Mizuho boosted their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $112.54.

Eastman Chemical Trading Up 7.4 %

Shares of EMN stock opened at $99.52 on Monday. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. The stock has a market capitalization of $11.54 billion, a P/E ratio of 13.32, a P/E/G ratio of 0.68 and a beta of 1.44. The firm’s 50 day moving average is $94.80 and its 200 day moving average is $100.02.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. Research analysts expect that Eastman Chemical will post 7.6 earnings per share for the current year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were issued a $0.83 dividend. The ex-dividend date was Monday, December 16th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a yield of 3.34%. Eastman Chemical’s payout ratio is currently 43.23%.

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.