Savant Capital LLC Sells 347 Shares of Eastman Chemical (NYSE:EMN)

Savant Capital LLC lessened its position in shares of Eastman Chemical (NYSE:EMN) by 2.8% in the fourth quarter, Holdings Channel.com reports. The firm owned 12,078 shares of the basic materials company’s stock after selling 347 shares during the period. Savant Capital LLC’s holdings in Eastman Chemical were worth $1,103,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of EMN. Kestra Private Wealth Services LLC raised its position in Eastman Chemical by 121.9% in the 4th quarter. Kestra Private Wealth Services LLC now owns 4,734 shares of the basic materials company’s stock valued at $432,000 after buying an additional 2,601 shares during the last quarter. Stephens Inc. AR acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $262,000. WCM Investment Management LLC lifted its position in shares of Eastman Chemical by 67.8% in the fourth quarter. WCM Investment Management LLC now owns 5,589 shares of the basic materials company’s stock worth $508,000 after purchasing an additional 2,259 shares in the last quarter. Empowered Funds LLC boosted its holdings in Eastman Chemical by 24.4% during the fourth quarter. Empowered Funds LLC now owns 17,379 shares of the basic materials company’s stock worth $1,587,000 after purchasing an additional 3,412 shares during the last quarter. Finally, Apollon Wealth Management LLC grew its position in Eastman Chemical by 35.1% in the fourth quarter. Apollon Wealth Management LLC now owns 3,339 shares of the basic materials company’s stock valued at $305,000 after purchasing an additional 867 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on EMN. Mizuho increased their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Barclays decreased their price target on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Royal Bank of Canada upped their price objective on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 4th. Piper Sandler increased their price objective on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.77.

Eastman Chemical Stock Down 0.6 %

Shares of EMN opened at $100.99 on Friday. The firm has a market cap of $11.71 billion, a P/E ratio of 13.15, a price-to-earnings-growth ratio of 1.24 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. Eastman Chemical has a 52 week low of $83.38 and a 52 week high of $114.50. The firm’s 50-day simple moving average is $94.26 and its 200 day simple moving average is $100.17.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. On average, analysts forecast that Eastman Chemical will post 8.47 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Insider Activity

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by company insiders.

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.