Eastman Chemical (NYSE:EMN) SVP Julie A. Mcalindon Sells 4,456 Shares

Eastman Chemical (NYSE:EMN) SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Eastman Chemical Price Performance

EMN stock opened at $104.72 on Friday. The firm has a 50 day moving average price of $106.29 and a 200-day moving average price of $101.68. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The firm has a market capitalization of $12.14 billion, a price-to-earnings ratio of 14.02, a PEG ratio of 0.83 and a beta of 1.44. 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 (NYSE:EMN) last released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (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 firm had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the business earned $1.47 earnings per share. The business’s revenue was up 8.7% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Large investors have recently made changes to their positions in the business. State Street Corp raised its holdings in Eastman Chemical by 1.4% in the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Franklin Resources Inc. raised its holdings in Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after acquiring an additional 282,458 shares during the last quarter. Geode Capital Management LLC raised its holdings in Eastman Chemical by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after acquiring an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Eastman Chemical by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after acquiring an additional 83,504 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after acquiring an additional 198,645 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently issued reports on EMN shares. Mizuho raised their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, November 25th. Deutsche Bank Aktiengesellschaft cut their target price 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Friday, November 22nd. Finally, Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $110.00 to $125.00 in a research note on Tuesday. Eight equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Eastman Chemical has an average rating of “Hold” and an average price target of $112.86.

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.