Parallel Advisors LLC Has $92,000 Stock Position in Eastman Chemical (NYSE:EMN)

Parallel Advisors LLC reduced its position in Eastman Chemical (NYSE:EMNFree Report) by 14.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 1,024 shares of the basic materials company’s stock after selling 172 shares during the period. Parallel Advisors LLC’s holdings in Eastman Chemical were worth $92,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Turtle Creek Wealth Advisors LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at about $26,000. Sound Income Strategies LLC raised its holdings in Eastman Chemical by 213.8% in the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 278 shares during the period. Bruce G. Allen Investments LLC bought a new position in Eastman Chemical in the 4th quarter valued at about $38,000. Advantage Trust Co bought a new position in Eastman Chemical in the 4th quarter valued at about $40,000. Finally, WASHINGTON TRUST Co raised its holdings in Eastman Chemical by 426.6% in the 4th quarter. WASHINGTON TRUST Co now owns 495 shares of the basic materials company’s stock valued at $44,000 after acquiring an additional 401 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Eastman Chemical

In related news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction that occurred on 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 owns 395,699 shares in the company, valued at approximately $39,878,545.22. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, 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 value of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The disclosure for this sale can be found here. Over the last three months, insiders have sold 108,027 shares of company stock worth $10,885,638. Insiders own 2.28% of the company’s stock.

Eastman Chemical Trading Up 1.0 %

Shares of Eastman Chemical stock opened at $98.43 on Thursday. The firm’s 50 day moving average is $98.99 and its 200 day moving average is $91.22. The firm has a market capitalization of $11.58 billion, a PE ratio of 12.68, a price-to-earnings-growth ratio of 1.07 and a beta of 1.51. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMNGet Free Report) last posted its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The company’s revenue was down 4.2% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

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 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s payout ratio is 41.75%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Citigroup increased their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Piper Sandler increased their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Royal Bank of Canada raised their target price on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 30th. Finally, Mizuho raised their target price on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus price target of $106.24.

View Our Latest Stock Analysis on EMN

Eastman Chemical Company Profile

(Free Report)

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.

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

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