Cumberland Partners Ltd Buys 11,590 Shares of Eastman Chemical (NYSE:EMN)

Cumberland Partners Ltd lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 22.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 63,125 shares of the basic materials company’s stock after purchasing an additional 11,590 shares during the quarter. Cumberland Partners Ltd owned about 0.05% of Eastman Chemical worth $5,765,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the company. Patrick M Sweeney & Associates Inc. raised its position in shares of Eastman Chemical by 3.3% during the third quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock worth $384,000 after purchasing an additional 111 shares during the period. Blue Trust Inc. raised its holdings in Eastman Chemical by 2.2% during the fourth quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock worth $503,000 after buying an additional 116 shares during the last quarter. RKL Wealth Management LLC lifted its stake in shares of Eastman Chemical by 0.9% in the third quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock valued at $1,520,000 after buying an additional 123 shares in the last quarter. Greenleaf Trust lifted its stake in shares of Eastman Chemical by 2.0% in the third quarter. Greenleaf Trust now owns 6,645 shares of the basic materials company’s stock valued at $744,000 after buying an additional 128 shares in the last quarter. Finally, Caprock Group LLC increased its position in shares of Eastman Chemical by 4.2% during the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock worth $295,000 after acquiring an additional 128 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value 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. This trade represents a 50.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was 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. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price target for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Barclays cut their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Stock Down 2.1 %

Eastman Chemical stock opened at $101.32 on Thursday. The firm has a 50 day simple moving average of $94.40 and a 200 day simple moving average of $100.17. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 1-year low of $83.72 and a 1-year high of $114.50. The firm has a market capitalization of $11.74 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 1.23 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. On average, analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 3.28%. Eastman Chemical’s dividend payout ratio is currently 43.23%.

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.