Nemes Rush Group LLC Sells 537 Shares of Eastman Chemical (NYSE:EMN)

Nemes Rush Group LLC reduced its holdings in Eastman Chemical (NYSE:EMN) by 24.1% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,688 shares of the basic materials company’s stock after selling 537 shares during the period. Nemes Rush Group LLC’s holdings in Eastman Chemical were worth $152,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in EMN. Burns J W & Co. Inc. NY bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $205,000. Massachusetts Financial Services Co. MA increased its position in shares of Eastman Chemical by 7.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after purchasing an additional 168,009 shares during the period. Cetera Trust Company N.A bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $812,000. Wedge Capital Management L L P NC increased its position in shares of Eastman Chemical by 17.6% during the fourth quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company’s stock valued at $8,930,000 after purchasing an additional 14,898 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $8,592,000. 83.65% of the stock is owned by institutional investors.

Insider Activity

In other news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Insiders have sold 110,787 shares of company stock valued at $11,105,175 over the last 90 days. 2.28% of the stock is owned by company insiders.

Eastman Chemical Price Performance

Eastman Chemical stock traded down $0.20 on Wednesday, reaching $99.75. The company’s stock had a trading volume of 229,331 shares, compared to its average volume of 1,029,704. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The company has a market cap of $11.74 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.09 and a beta of 1.54. The business’s fifty day moving average price is $97.94 and its 200 day moving average price is $89.71. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the prior year, the firm posted $1.63 earnings per share. The firm’s revenue for the quarter was down 4.2% compared to the same quarter last year. Equities analysts expect that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.25%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Jefferies Financial Group upgraded Eastman Chemical from a “hold” rating to a “buy” rating and boosted their price objective for the company from $102.00 to $125.00 in a research report on Monday, April 29th. Wells Fargo & Company upped their price target on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Redburn Atlantic initiated coverage on Eastman Chemical in a research report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price target on the stock. Piper Sandler upped their price target on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, April 30th. Finally, KeyCorp upped their price target on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $104.18.

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.