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

Brookmont Capital Management trimmed its position in Eastman Chemical (NYSE:EMN) by 2.0% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,954 shares of the basic materials company’s stock after selling 332 shares during the period. Brookmont Capital Management’s holdings in Eastman Chemical were worth $1,457,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. UMB Bank n.a. increased its holdings in shares of Eastman Chemical by 4.3% in the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock valued at $262,000 after purchasing an additional 96 shares during the last quarter. V Square Quantitative Management LLC raised its holdings in shares of Eastman Chemical by 3.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after acquiring an additional 98 shares during the period. Patrick M Sweeney & Associates Inc. raised its holdings in shares of Eastman Chemical by 3.3% during the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock worth $384,000 after acquiring an additional 111 shares during the period. RKL Wealth Management LLC boosted its position in shares of Eastman Chemical by 0.9% during the 3rd quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock valued at $1,520,000 after acquiring an additional 123 shares during the last quarter. Finally, Greenleaf Trust increased its position in Eastman Chemical by 2.0% during the third quarter. Greenleaf Trust now owns 6,645 shares of the basic materials company’s stock worth $744,000 after purchasing an additional 128 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Activity

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction on 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 completion of the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This 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 worth $1,895,948 in the last 90 days. 2.28% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

EMN has been the subject of several recent analyst reports. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and cut their target price for the stock from $115.00 to $109.00 in a research note on Tuesday, January 14th. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price target for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday. Royal Bank of Canada restated a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $112.92.

Eastman Chemical Trading Up 1.6 %

NYSE EMN opened at $93.22 on Tuesday. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The firm’s fifty day moving average is $96.34 and its two-hundred day moving average is $100.26. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The firm has a market cap of $10.81 billion, a PE ratio of 12.48, a P/E/G ratio of 0.68 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the prior year, the business posted $1.47 EPS. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts expect that Eastman Chemical will post 7.6 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th were paid a dividend of $0.83 per share. The ex-dividend date was Monday, December 16th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.56%. Eastman Chemical’s dividend payout ratio is 44.44%.

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.