16,705 Shares in Eastman Chemical (NYSE:EMN) Purchased by Econ Financial Services Corp

Econ Financial Services Corp purchased a new position in Eastman Chemical (NYSE:EMN) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 16,705 shares of the basic materials company’s stock, valued at approximately $1,526,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. UMB Bank n.a. lifted its holdings in shares of Eastman Chemical by 4.3% in the 3rd quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock worth $262,000 after acquiring an additional 96 shares during the last quarter. V Square Quantitative Management LLC raised its position in Eastman Chemical by 3.8% in the 3rd quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after purchasing an additional 98 shares during the period. Patrick M Sweeney & Associates Inc. lifted its stake in Eastman Chemical by 3.3% in 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 last quarter. RKL Wealth Management LLC boosted its position in shares of Eastman Chemical by 0.9% during 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 during the period. Finally, Greenleaf Trust grew its stake in shares of Eastman Chemical by 2.0% during 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 during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s 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 completion of the transaction, 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 disclosure for this sale can be found here. 2.28% of the stock is owned by company insiders.

Eastman Chemical Price Performance

Shares of EMN stock opened at $101.85 on Wednesday. The stock’s 50-day moving average is $94.63 and its 200 day moving average is $100.07. Eastman Chemical has a 1-year low of $80.89 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The company has a market cap of $11.80 billion, a P/E ratio of 13.26, a PEG ratio of 0.73 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. Research analysts predict that Eastman Chemical will post 8.46 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th were given a $0.83 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date was Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.26%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Analysts Set New Price Targets

A number of research firms recently issued reports on EMN. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. UBS Group cut their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Tuesday. Finally, Piper Sandler reduced their target price on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $112.64.

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.