JPMorgan Chase & Co. Has $169.92 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

JPMorgan Chase & Co. trimmed its stake in shares of Eastman Chemical (NYSE:EMN) by 11.9% in the third quarter, according to the company in its most recent filing with the SEC. The firm owned 1,517,850 shares of the basic materials company’s stock after selling 204,403 shares during the quarter. JPMorgan Chase & Co. owned about 1.31% of Eastman Chemical worth $169,923,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. UMB Bank n.a. lifted its position in Eastman Chemical by 4.3% during the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock worth $262,000 after purchasing an additional 96 shares during the period. V Square Quantitative Management LLC lifted its holdings in shares of Eastman Chemical by 3.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after acquiring an additional 98 shares during the period. Patrick M Sweeney & Associates Inc. boosted its position in shares of Eastman Chemical by 3.3% during the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock worth $384,000 after acquiring an additional 111 shares in the last quarter. Prosperity Consulting Group LLC increased its stake in Eastman Chemical by 4.8% in the second quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock valued at $261,000 after acquiring an additional 123 shares during the last quarter. Finally, RKL Wealth Management LLC increased its stake in Eastman Chemical by 0.9% in the third quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock valued at $1,520,000 after acquiring an additional 123 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,021 shares of company stock worth $1,895,948. 1.93% of the stock is owned by corporate insiders.

Eastman Chemical Trading Up 0.6 %

NYSE:EMN opened at $91.32 on Wednesday. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $10.59 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 0.79 and a beta of 1.42. The firm has a fifty day simple moving average of $100.21 and a two-hundred day simple moving average of $101.02.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.14 by $0.12. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the business posted $1.47 EPS. Analysts expect that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 16th will be given a $0.83 dividend. The ex-dividend date of this dividend is Monday, December 16th. This represents a $3.32 annualized dividend and a yield of 3.64%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is presently 44.44%.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on EMN. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft decreased their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Mizuho increased their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $113.92.

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.