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

Eastman Chemical (NYSE:EMN) SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Eastman Chemical Stock Performance

NYSE:EMN traded down $0.75 during mid-day trading on Wednesday, reaching $104.22. 716,798 shares of the stock were exchanged, compared to its average volume of 958,336. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The company has a 50 day simple moving average of $106.42 and a 200-day simple moving average of $101.65. The stock has a market capitalization of $12.08 billion, a P/E ratio of 13.95, a P/E/G ratio of 0.81 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its quarterly 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 return on equity of 15.37% and a net margin of 9.47%. The firm had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same quarter in the previous year, the firm posted $1.47 EPS. The firm’s revenue for the quarter was up 8.7% on a year-over-year basis. Analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

EMN has been the topic of several research reports. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Mizuho increased their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $125.00 in a report on Tuesday. Piper Sandler reiterated a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $112.86.

Hedge Funds Weigh In On Eastman Chemical

A number of large investors have recently modified their holdings of EMN. Dakota Wealth Management lifted its position in shares of Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after acquiring an additional 2,655 shares during the period. KBC Group NV boosted its position in Eastman Chemical by 21.8% during the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after purchasing an additional 19,809 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Eastman Chemical by 6.8% in the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after purchasing an additional 9,447 shares during the last quarter. Cetera Advisors LLC increased its position in shares of Eastman Chemical by 119.7% in the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock valued at $1,011,000 after buying an additional 5,496 shares in the last quarter. Finally, Comerica Bank boosted its position in shares of Eastman Chemical by 18.5% in the 1st quarter. Comerica Bank now owns 39,306 shares of the basic materials company’s stock worth $3,939,000 after buying an additional 6,126 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

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.