Quantinno Capital Management LP Buys 25,848 Shares of Eastman Chemical (NYSE:EMN)

Quantinno Capital Management LP raised its stake in shares of Eastman Chemical (NYSE:EMN) by 147.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 43,323 shares of the basic materials company’s stock after purchasing an additional 25,848 shares during the quarter. Quantinno Capital Management LP’s holdings in Eastman Chemical were worth $4,850,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Quarry LP raised its holdings in Eastman Chemical by 32.8% in the 3rd quarter. Quarry LP now owns 16,871 shares of the basic materials company’s stock valued at $1,889,000 after acquiring an additional 4,169 shares in the last quarter. Redwood Investment Management LLC raised its stake in shares of Eastman Chemical by 314.8% in the third quarter. Redwood Investment Management LLC now owns 24,990 shares of the basic materials company’s stock valued at $2,805,000 after purchasing an additional 18,966 shares in the last quarter. Polar Asset Management Partners Inc. lifted its position in Eastman Chemical by 57.4% in the third quarter. Polar Asset Management Partners Inc. now owns 41,400 shares of the basic materials company’s stock worth $4,635,000 after purchasing an additional 15,100 shares during the period. Millburn Ridgefield Corp acquired a new stake in Eastman Chemical during the third quarter worth $153,000. Finally, Motley Fool Asset Management LLC increased its holdings in Eastman Chemical by 1.7% in the 3rd quarter. Motley Fool Asset Management LLC now owns 49,240 shares of the basic materials company’s stock valued at $5,447,000 after buying an additional 807 shares during the period. Institutional investors own 83.65% of the company’s stock.

Insider Activity

In other Eastman Chemical 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 completion of the sale, the senior vice president now owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction 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 transaction, the senior vice president now directly owns 12,366 shares in the company, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock valued at $1,895,948 over the last 90 days. 1.93% of the stock is owned by company insiders.

Eastman Chemical Stock Down 0.4 %

Shares of NYSE:EMN opened at $101.07 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The firm has a market cap of $11.72 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.81 and a beta of 1.42. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The company’s 50-day moving average price is $105.39 and its two-hundred day moving average price is $101.78.

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

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.28%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s payout ratio is presently 43.37%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on EMN. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft dropped their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Finally, Mizuho increased their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $112.86.

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.