2,500 Shares in Eastman Chemical (NYSE:EMN) Acquired by IMS Capital Management

IMS Capital Management purchased a new position in Eastman Chemical (NYSE:EMN) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 2,500 shares of the basic materials company’s stock, valued at approximately $280,000.

A number of other large investors have also modified their holdings of EMN. Wealth Enhancement Advisory Services LLC increased its stake in Eastman Chemical by 8.2% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 16,988 shares of the basic materials company’s stock valued at $1,664,000 after purchasing an additional 1,289 shares in the last quarter. Nisa Investment Advisors LLC raised its stake in Eastman Chemical by 0.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 68,608 shares of the basic materials company’s stock worth $6,777,000 after acquiring an additional 600 shares during the last quarter. Fifth Third Bancorp lifted its position in Eastman Chemical by 0.8% during the 2nd quarter. Fifth Third Bancorp now owns 42,857 shares of the basic materials company’s stock worth $4,199,000 after acquiring an additional 349 shares during the period. Cultivar Capital Inc. purchased a new stake in Eastman Chemical during the 2nd quarter valued at about $29,000. Finally, LRI Investments LLC acquired a new position in shares of Eastman Chemical in the second quarter valued at about $245,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.1 %

Eastman Chemical stock opened at $95.36 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The stock has a market capitalization of $11.05 billion, a PE ratio of 12.77, a price-to-earnings-growth ratio of 0.79 and a beta of 1.42. The business has a 50 day simple moving average of $104.08 and a 200-day simple moving average of $101.76. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50.

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

Eastman Chemical Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 16th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.48%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date is Monday, December 16th. Eastman Chemical’s payout ratio is presently 44.44%.

Wall Street Analyst Weigh In

A number of brokerages recently commented on EMN. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their target price for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Mizuho upped their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Finally, Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and upped their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and an average price target of $114.46.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the transaction, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at $4,965,135. This trade represents a 18.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. This trade represents 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. 1.93% of the stock is currently owned by insiders.

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.