Eastman Chemical (NYSE:EMN) Shares Purchased by CWA Asset Management Group LLC

CWA Asset Management Group LLC boosted its holdings in shares of Eastman Chemical (NYSE:EMN) by 32.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,614 shares of the basic materials company’s stock after acquiring an additional 1,630 shares during the period. CWA Asset Management Group LLC’s holdings in Eastman Chemical were worth $604,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of EMN. National Bank of Canada FI raised its position in shares of Eastman Chemical by 492.9% during the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after purchasing an additional 177,207 shares during the last quarter. KBC Group NV raised its holdings in shares of Eastman Chemical by 21.8% in the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after acquiring an additional 19,809 shares during the last quarter. Principal Financial Group Inc. raised its holdings in shares of Eastman Chemical by 6.8% in the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after acquiring an additional 9,447 shares during the last quarter. Ensign Peak Advisors Inc boosted its stake in shares of Eastman Chemical by 21.0% during the second quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock valued at $4,535,000 after acquiring an additional 8,035 shares during the last quarter. Finally, Pathway Financial Advisers LLC purchased a new stake in Eastman Chemical during the 3rd quarter worth about $632,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Transactions at Eastman Chemical

In related news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were 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 directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 over the last quarter. Company insiders own 2.27% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Mizuho raised their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Royal Bank of Canada reissued a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a research note on Friday, November 22nd. Finally, Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. Eight equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $113.69.

Eastman Chemical Stock Down 0.4 %

Shares of NYSE:EMN opened at $88.09 on Thursday. The stock has a 50-day simple moving average of $98.17 and a 200-day simple moving average of $100.59. The stock has a market capitalization of $10.21 billion, a P/E ratio of 11.79, a PEG ratio of 0.79 and a beta of 1.44. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.47 earnings per share. Equities analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.77%. The ex-dividend date of this dividend was Monday, December 16th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s payout ratio is currently 44.44%.

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.