Glenmede Trust Co. NA lowered its position in Eastman Chemical (NYSE:EMN) by 17.0% during the 1st quarter, Holdings Channel reports. The firm owned 57,492 shares of the basic materials company’s stock after selling 11,799 shares during the quarter. Glenmede Trust Co. NA’s holdings in Eastman Chemical were worth $6,330,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in EMN. E Fund Management Co. Ltd. bought a new position in Eastman Chemical in the first quarter worth approximately $26,000. San Francisco Sentry Investment Group CA grew its stake in Eastman Chemical by 351.9% in the first quarter. San Francisco Sentry Investment Group CA now owns 244 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 190 shares in the last quarter. Alpha DNA Investment Management LLC bought a new position in Eastman Chemical in the fourth quarter worth approximately $32,000. Arkadios Wealth Advisors bought a new position in Eastman Chemical in the first quarter worth approximately $35,000. Finally, Northwest Investment Counselors LLC bought a new stake in Eastman Chemical during the 1st quarter valued at $36,000. 84.13% of the stock is currently owned by institutional investors.
Shares of EMN opened at $109.84 on Thursday. The stock’s 50-day moving average is $120.21. The firm has a market cap of $14.97 billion, a P/E ratio of 30.51, a P/E/G ratio of 0.68 and a beta of 1.49. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.88 and a quick ratio of 1.14. Eastman Chemical has a fifty-two week low of $69.64 and a fifty-two week high of $130.47.
The business also recently declared a quarterly dividend, which was paid on Friday, July 2nd. Shareholders of record on Tuesday, June 15th were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.51%. The ex-dividend date of this dividend was Monday, June 14th. Eastman Chemical’s dividend payout ratio is currently 44.88%.
In other news, CAO Scott V. King sold 12,588 shares of the firm’s stock in a transaction dated Thursday, May 13th. The stock was sold at an average price of $126.00, for a total transaction of $1,586,088.00. Following the sale, the chief accounting officer now directly owns 7,827 shares in the company, valued at approximately $986,202. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Perry Stuckey sold 12,231 shares of the firm’s stock in a transaction dated Monday, May 17th. The shares were sold at an average price of $130.01, for a total value of $1,590,152.31. Following the sale, the senior vice president now owns 48,627 shares in the company, valued at $6,321,996.27. The disclosure for this sale can be found here. Insiders have sold a total of 111,461 shares of company stock worth $13,969,529 over the last 90 days. Insiders own 1.93% of the company’s stock.
Several analysts have issued reports on the company. Tudor Pickering cut Eastman Chemical from a “buy” rating to a “hold” rating and set a $117.00 target price on the stock. in a research report on Monday, May 3rd. Morgan Stanley increased their target price on Eastman Chemical from $130.00 to $142.00 and gave the company an “overweight” rating in a research report on Wednesday, May 5th. Deutsche Bank Aktiengesellschaft increased their target price on Eastman Chemical from $132.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, June 14th. Scotiabank upgraded Eastman Chemical from a “sector perform” rating to a “sector outperform” rating and set a $145.00 price objective for the company in a report on Monday, June 21st. Finally, The Goldman Sachs Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and set a $148.00 price objective for the company in a report on Tuesday, May 11th. Four equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $123.27.
About Eastman Chemical
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.
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