Eastman Chemical (EMN) Stake Lessened by Suntrust Banks Inc.

Suntrust Banks Inc. reduced its stake in Eastman Chemical (NYSE:EMN) by 2.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 241,169 shares of the basic materials company’s stock after selling 4,808 shares during the quarter. Suntrust Banks Inc. owned about 0.17% of Eastman Chemical worth $22,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Balter Liquid Alternatives LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $115,000. Steward Partners Investment Advisory LLC purchased a new stake in Eastman Chemical in the third quarter valued at approximately $113,000. NuWave Investment Management LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $123,000. Vigilant Capital Management LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $126,000. Finally, Tower Research Capital LLC TRC raised its stake in Eastman Chemical by 567.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,521 shares of the basic materials company’s stock valued at $141,000 after purchasing an additional 1,293 shares in the last quarter. 84.90% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical (NYSE EMN) opened at $100.67 on Wednesday. Eastman Chemical has a 52-week low of $76.02 and a 52-week high of $104.08. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. The company has a market cap of $14,318.59, a P/E ratio of 9.91, a price-to-earnings-growth ratio of 1.33 and a beta of 1.33.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.56. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same period last year, the business earned $1.51 earnings per share. The business’s quarterly revenue was up 8.0% on a year-over-year basis. equities research analysts predict that Eastman Chemical will post 8.47 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Thursday, March 15th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 2.23%. The ex-dividend date of this dividend is Wednesday, March 14th. Eastman Chemical’s dividend payout ratio is 22.13%.

In other news, insider Damon Cary Warmack sold 4,417 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $98.60, for a total value of $435,516.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lucian Boldea sold 3,325 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $95.00, for a total transaction of $315,875.00. The disclosure for this sale can be found here. Insiders sold 66,742 shares of company stock worth $6,555,051 in the last 90 days. Company insiders own 1.14% of the company’s stock.

A number of equities research analysts recently weighed in on EMN shares. Cowen reaffirmed an “outperform” rating and issued a $106.00 target price (up from $92.00) on shares of Eastman Chemical in a research note on Friday, December 8th. JPMorgan Chase & Co. raised their target price on shares of Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. KeyCorp reaffirmed a “buy” rating and issued a $108.00 target price (up from $100.00) on shares of Eastman Chemical in a research note on Monday, October 30th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. Finally, Tudor Pickering started coverage on shares of Eastman Chemical in a research note on Tuesday, November 14th. They issued a “hold” rating on the stock. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $102.60.

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Eastman Chemical Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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