Edmp Inc. Boosts Stake in Eastman Chemical (NYSE:EMN)

Edmp Inc. boosted its stake in shares of Eastman Chemical (NYSE:EMN) by 7.2% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,404 shares of the basic materials company’s stock after purchasing an additional 562 shares during the period. Edmp Inc.’s holdings in Eastman Chemical were worth $767,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Stonebridge Financial Group LLC purchased a new position in shares of Eastman Chemical during the 4th quarter valued at about $37,000. Regents Gate Capital LLP bought a new stake in Eastman Chemical during the 4th quarter worth approximately $10,235,000. Kestra Private Wealth Services LLC boosted its position in shares of Eastman Chemical by 121.9% in the fourth quarter. Kestra Private Wealth Services LLC now owns 4,734 shares of the basic materials company’s stock worth $432,000 after purchasing an additional 2,601 shares during the period. Stephens Inc. AR bought a new stake in shares of Eastman Chemical during the 4th quarter valued at $262,000. Finally, WCM Investment Management LLC lifted its stake in shares of Eastman Chemical by 67.8% during the 4th quarter. WCM Investment Management LLC now owns 5,589 shares of the basic materials company’s stock valued at $508,000 after buying an additional 2,259 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Insiders Place Their Bets

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were 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 owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EMN. JPMorgan Chase & Co. raised their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Mizuho raised their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, KeyCorp boosted their target price on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $113.54.

Eastman Chemical Price Performance

EMN opened at $99.04 on Tuesday. The business has a fifty day moving average of $94.31 and a 200 day moving average of $100.16. The stock has a market cap of $11.48 billion, a P/E ratio of 12.90, a PEG ratio of 1.24 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 52-week low of $81.00 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. As a group, sell-side analysts anticipate that Eastman Chemical will post 8.47 EPS for the current year.

Eastman Chemical Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were issued a $0.83 dividend. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date was Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.35%. Eastman Chemical’s payout ratio is presently 43.23%.

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.