Insigneo Advisory Services LLC Makes New Investment in Eastman Chemical (NYSE:EMN)

Insigneo Advisory Services LLC acquired a new stake in Eastman Chemical (NYSE:EMN) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 1,808 shares of the basic materials company’s stock, valued at approximately $202,000.

Several other large investors have also made changes to their positions in EMN. CWM LLC increased its stake in shares of Eastman Chemical by 20.7% in the 2nd quarter. CWM LLC now owns 5,285 shares of the basic materials company’s stock worth $518,000 after acquiring an additional 907 shares during the last quarter. SG Americas Securities LLC increased its stake in Eastman Chemical by 44.4% during the second quarter. SG Americas Securities LLC now owns 36,554 shares of the basic materials company’s stock worth $3,581,000 after acquiring an additional 11,245 shares during the last quarter. Czech National Bank raised its position in Eastman Chemical by 8.6% in the second quarter. Czech National Bank now owns 22,419 shares of the basic materials company’s stock valued at $2,196,000 after purchasing an additional 1,782 shares during the period. Friedenthal Financial acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at $49,000. Finally, Diversified Trust Co grew its holdings in shares of Eastman Chemical by 30.0% during the 2nd quarter. Diversified Trust Co now owns 3,290 shares of the basic materials company’s stock worth $322,000 after purchasing an additional 759 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $100.07 on Tuesday. The business has a 50-day simple moving average of $105.15 and a 200-day simple moving average of $101.81. 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 has a one year low of $80.71 and a one year high of $114.50. The company has a market cap of $11.60 billion, a PE ratio of 13.40, a P/E/G ratio of 0.81 and a beta of 1.42.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating 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 firm had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the company earned $1.47 earnings per share. Eastman Chemical’s quarterly revenue was up 8.7% compared to the same quarter last year. On average, equities research analysts forecast that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

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

Insider Buying and Selling at Eastman Chemical

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business’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 owns 47,287 shares of the company’s stock, valued at $4,965,135. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 18,021 shares of company stock valued at $1,895,948. 2.28% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their target price for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Friday, November 22nd. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft decreased their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Finally, Mizuho lifted their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $112.86.

Eastman Chemical 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.