Eastman Chemical (NYSE:EMN) Shares Sold by Novare Capital Management LLC

by · The Cerbat Gem

Novare Capital Management LLC decreased its position in shares of Eastman Chemical (NYSE:EMN – Free Report) by 8.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,710 shares of the basic materials company’s stock after selling 437 shares during the quarter. Novare Capital Management LLC’s holdings in Eastman Chemical were worth $527,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently bought and sold shares of the company. Bessemer Group Inc. increased its stake in Eastman Chemical by 321.2% during the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after purchasing an additional 12,392 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new stake in Eastman Chemical during the first quarter worth about $1,681,000. Empowered Funds LLC purchased a new stake in Eastman Chemical during the first quarter worth about $594,000. Dakota Wealth Management increased its stake in shares of Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after buying an additional 2,655 shares during the period. Finally, Envestnet Portfolio Solutions Inc. increased its stake in shares of Eastman Chemical by 11.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after buying an additional 7,717 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EMN. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Citigroup dropped their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Royal Bank of Canada increased their price target on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research note on Friday. Mizuho increased their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, Barclays increased their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.53.

View Our Latest Stock Analysis on EMN

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $110.41 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The stock has a fifty day moving average price of $103.02 and a 200 day moving average price of $100.33. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $114.50. The company has a market cap of $12.99 billion, a PE ratio of 14.23, a P/E/G ratio of 0.83 and a beta of 1.44.

Eastman Chemical (NYSE:EMN – Get Free Report) last released its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the company earned $1.99 earnings per share. Eastman Chemical’s quarterly revenue was up 1.7% compared to the same quarter last year. Sell-side analysts forecast that Eastman Chemical will post 7.67 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

About Eastman Chemical

(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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