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

Brookmont Capital Management lessened its position in shares of Eastman Chemical (NYSE:EMN) by 2.0% in the fourth quarter, Holdings Channel.com reports. The fund owned 15,954 shares of the basic materials company’s stock after selling 332 shares during the quarter. Brookmont Capital Management’s holdings in Eastman Chemical were worth $1,457,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Wolff Wiese Magana LLC lifted its position in Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares in the last quarter. Dunhill Financial LLC grew its holdings in Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical in the 3rd quarter valued at about $38,000. Benjamin F. Edwards & Company Inc. grew its stake in shares of Eastman Chemical by 30.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock valued at $60,000 after acquiring an additional 144 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of Eastman Chemical by 52.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock worth $60,000 after acquiring an additional 185 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 1.6 %

Shares of Eastman Chemical stock opened at $93.22 on Tuesday. The business has a fifty day simple moving average of $96.34 and a 200-day simple moving average of $100.26. The firm has a market cap of $10.81 billion, a price-to-earnings ratio of 12.48, a price-to-earnings-growth ratio of 0.68 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. 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 (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, beating 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 revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the firm posted $1.47 EPS. On average, equities analysts forecast that Eastman Chemical will post 7.6 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were given 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 annualized dividend and a yield of 3.56%. Eastman Chemical’s payout ratio is 44.44%.

Insider Buying and Selling 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 stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. The trade was a 50.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the sale, the senior vice president now directly owns 12,366 shares in the company, 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. Over the last 90 days, insiders have sold 18,021 shares of company stock valued at $1,895,948. Corporate insiders own 2.28% of the company’s stock.

Analyst Upgrades and Downgrades

EMN has been the topic of several analyst reports. Mizuho lifted their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. Finally, Piper Sandler decreased their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and an average price target of $112.92.

About Eastman Chemical

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.