Eastman Chemical (NYSE:EMN) Shares Acquired by Contravisory Investment Management Inc.

Contravisory Investment Management Inc. lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 56.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,229 shares of the basic materials company’s stock after acquiring an additional 2,610 shares during the period. Contravisory Investment Management Inc.’s holdings in Eastman Chemical were worth $660,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Wolff Wiese Magana LLC increased its stake in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares during the period. Dunhill Financial LLC grew its holdings in shares of Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 162 shares during the last quarter. Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical during the third quarter worth approximately $38,000. Massmutual Trust Co. FSB ADV lifted its holdings in shares of Eastman Chemical by 52.6% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock valued at $60,000 after buying an additional 185 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Eastman Chemical by 30.9% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 144 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical 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 completion of the sale, the executive vice president now directly 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,021 shares of company stock worth $1,895,948. Company insiders own 2.28% of the company’s stock.

Eastman Chemical Stock Down 0.0 %

Eastman Chemical stock opened at $91.96 on Thursday. The firm has a market cap of $10.66 billion, a price-to-earnings ratio of 12.31, a P/E/G ratio of 0.62 and a beta of 1.44. The firm has a fifty day moving average price of $96.92 and a two-hundred day moving average price of $100.29. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week 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.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.12. The firm had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.47 EPS. As a group, analysts forecast that Eastman Chemical will post 7.61 earnings per share for the current year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.61%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date was Monday, December 16th. Eastman Chemical’s dividend payout ratio is presently 44.44%.

Analyst Ratings Changes

Several brokerages recently issued reports on EMN. Royal Bank of Canada restated a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Friday, November 22nd. Piper Sandler dropped their price objective on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their target price for the company from $115.00 to $109.00 in a research note on Tuesday. Finally, Mizuho increased their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average target price of $112.92.

About Eastman Chemical

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.