Insider Selling: Eastman Chemical (NYSE:EMN) SVP Sells 4,456 Shares of Stock

Eastman Chemical (NYSE:EMN) SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction dated 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 approximately $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Eastman Chemical Price Performance

NYSE EMN traded down $0.75 during mid-day trading on Wednesday, hitting $104.22. The stock had a trading volume of 716,798 shares, compared to its average volume of 958,336. The firm’s 50 day moving average is $106.42 and its 200 day moving average is $101.65. 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 stock has a market capitalization of $12.08 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 0.81 and a beta of 1.44. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business’s revenue was up 8.7% on a year-over-year basis. During the same period last year, the company posted $1.47 EPS. Equities research analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Eastman Chemical

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Cultivar Capital Inc. acquired a new position in Eastman Chemical in the 2nd quarter valued at about $29,000. Wolff Wiese Magana LLC lifted its holdings in Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 200 shares during the last quarter. Dunhill Financial LLC grew its position in Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares during the period. EntryPoint Capital LLC acquired a new stake in Eastman Chemical during the first quarter worth $38,000. Finally, Rothschild Investment LLC purchased a new stake in Eastman Chemical in the second quarter valued at $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on EMN. Mizuho raised 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. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their target price for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Royal Bank of Canada reiterated a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Finally, Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $110.00 to $125.00 in a research note on Tuesday. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Hold” and an average target price 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.