Eastman Chemical (NYSE:EMN) Shares Sold by TD Asset Management Inc.

TD Asset Management Inc. reduced its position in shares of Eastman Chemical (NYSE:EMN) by 4.8% during the third quarter, Holdings Channel.com reports. The fund owned 49,178 shares of the basic materials company’s stock after selling 2,458 shares during the quarter. TD Asset Management Inc.’s holdings in Eastman Chemical were worth $4,954,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in EMN. Price T Rowe Associates Inc. MD grew its holdings in Eastman Chemical by 564.6% during the second quarter. Price T Rowe Associates Inc. MD now owns 1,423,337 shares of the basic materials company’s stock worth $166,175,000 after acquiring an additional 1,209,167 shares during the period. State Street Corp grew its holdings in Eastman Chemical by 5.1% during the second quarter. State Street Corp now owns 6,628,151 shares of the basic materials company’s stock worth $778,386,000 after acquiring an additional 322,315 shares during the period. Eagle Asset Management Inc. grew its holdings in Eastman Chemical by 37.3% during the second quarter. Eagle Asset Management Inc. now owns 1,123,487 shares of the basic materials company’s stock worth $131,167,000 after acquiring an additional 305,170 shares during the period. Vanguard Group Inc. grew its holdings in Eastman Chemical by 1.5% during the second quarter. Vanguard Group Inc. now owns 16,041,487 shares of the basic materials company’s stock worth $1,872,845,000 after acquiring an additional 238,735 shares during the period. Finally, FMR LLC grew its holdings in Eastman Chemical by 23.7% during the second quarter. FMR LLC now owns 1,047,200 shares of the basic materials company’s stock worth $122,261,000 after acquiring an additional 200,388 shares during the period. 82.90% of the stock is currently owned by hedge funds and other institutional investors.

EMN has been the topic of a number of analyst reports. KeyCorp lifted their price target on Eastman Chemical from $119.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 8th. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a research note on Monday, November 29th. Royal Bank of Canada dropped their price target on Eastman Chemical from $115.00 to $113.00 and set a “sector perform” rating on the stock in a research note on Thursday, November 4th. Piper Sandler initiated coverage on Eastman Chemical in a research note on Friday, November 12th. They issued a “neutral” rating and a $126.00 price target on the stock. Finally, JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating and dropped their price target for the stock from $130.00 to $110.00 in a research note on Monday, November 1st. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $133.08.

Shares of Eastman Chemical stock opened at $127.54 on Friday. The firm has a market cap of $17.15 billion, a price-to-earnings ratio of 34.29, a P/E/G ratio of 0.77 and a beta of 1.54. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.57 and a quick ratio of 1.04. Eastman Chemical has a 52-week low of $96.27 and a 52-week high of $130.47. The stock has a 50-day simple moving average of $116.08 and a 200-day simple moving average of $111.78.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 28th. The basic materials company reported $2.46 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $2.46. The business had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.61 billion. Eastman Chemical had a return on equity of 19.50% and a net margin of 5.13%. The firm’s revenue was up 28.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.57 EPS. As a group, equities research analysts predict that Eastman Chemical will post 8.96 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, January 7th. Stockholders of record on Wednesday, December 15th were issued a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a dividend yield of 2.38%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.69. The ex-dividend date was Tuesday, December 14th. Eastman Chemical’s payout ratio is currently 81.72%.

Eastman Chemical Company Profile

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

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