Eastman Chemical (NYSE:EMN) Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue increased its holdings in Eastman Chemical (NYSE:EMN) by 94.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,216 shares of the basic materials company’s stock after acquiring an additional 13,668 shares during the quarter. State of Alaska Department of Revenue’s holdings in Eastman Chemical were worth $2,575,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Wolff Wiese Magana LLC increased its holdings in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the period. Crews Bank & Trust acquired a new position in shares of Eastman Chemical in the 4th quarter valued at $27,000. Dunhill Financial LLC increased its stake in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after buying an additional 162 shares during the period. Northwest Investment Counselors LLC acquired a new position in Eastman Chemical in the 3rd quarter valued at $38,000. Finally, Exchange Traded Concepts LLC increased its stake in Eastman Chemical by 784.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company’s stock valued at $76,000 after buying an additional 604 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was 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 approximately $466,013.52. The trade was a 50.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s 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 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 Price Performance

Shares of NYSE EMN opened at $99.04 on Tuesday. Eastman Chemical has a 1-year low of $81.00 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The business’s fifty day moving average price is $94.31 and its two-hundred day moving average price is $100.16. The firm has a market capitalization of $11.48 billion, a PE ratio of 12.90, a P/E/G ratio of 1.24 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates 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, research analysts expect that Eastman Chemical will post 8.47 EPS for the current year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were paid a $0.83 dividend. The ex-dividend date was Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a yield of 3.35%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is currently 43.23%.

Wall Street Analyst Weigh In

EMN has been the topic of several recent research reports. Mizuho boosted their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. KeyCorp boosted their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Barclays dropped their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. UBS Group decreased their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $113.54.

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.