Atlantic Union Bankshares Corp Takes Position in Eastman Chemical (NYSE:EMN)

Atlantic Union Bankshares Corp acquired a new position in Eastman Chemical (NYSE:EMN) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,186 shares of the basic materials company’s stock, valued at approximately $219,000.

Several other large investors also recently added to or reduced their stakes in EMN. Vanguard Group Inc. boosted its position in shares of Eastman Chemical by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after acquiring an additional 61,580 shares during the last quarter. Putnam Investments LLC lifted its position in Eastman Chemical by 4.0% during the fourth quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock valued at $391,203,000 after purchasing an additional 168,038 shares during the last quarter. Morgan Stanley grew its stake in Eastman Chemical by 1.0% in the 3rd quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock worth $305,258,000 after buying an additional 39,860 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Eastman Chemical by 7.0% during the 4th 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 buying an additional 168,009 shares in the last quarter. Finally, Earnest Partners LLC raised its position in shares of Eastman Chemical by 19.9% during the 3rd quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock valued at $138,686,000 after buying an additional 299,951 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock worth $10,885,638 over the last ninety days. 1.93% of the stock is owned by corporate insiders.

Eastman Chemical Trading Up 0.8 %

Shares of Eastman Chemical stock traded up $0.78 during midday trading on Friday, reaching $97.97. 1,137,842 shares of the company’s stock traded hands, compared to its average volume of 1,011,116. The company has a market cap of $11.53 billion, a PE ratio of 12.62, a price-to-earnings-growth ratio of 1.07 and a beta of 1.51. The stock has a 50 day moving average of $99.30 and a 200-day moving average of $93.21. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the company posted $1.63 EPS. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. As a group, equities analysts expect that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s payout ratio is presently 41.75%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Mizuho increased their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. UBS Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and increased their price objective for the company from $106.00 to $128.00 in a research report on Thursday, May 23rd. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Bank of America reduced their price target on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Finally, Citigroup lowered their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.31.

Eastman Chemical Company 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.