Brooklyn Investment Group Invests $177,000 in Eastman Chemical (NYSE:EMN)

Brooklyn Investment Group bought a new stake in Eastman Chemical (NYSE:EMN) in the third quarter, HoldingsChannel.com reports. The firm bought 1,583 shares of the basic materials company’s stock, valued at approximately $177,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Massachusetts Financial Services Co. MA grew its holdings in Eastman Chemical by 3.2% during 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Eastman Chemical by 9.5% during 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 purchasing an additional 198,645 shares during the last quarter. Earnest Partners LLC grew its stake in shares of Eastman Chemical by 1.8% during the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock worth $219,454,000 after purchasing an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Eastman Chemical by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock valued at $119,569,000 after buying an additional 7,847 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in Eastman Chemical by 15.4% in the third quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock valued at $106,070,000 after buying an additional 126,301 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock worth $1,895,948 in the last three months. Insiders own 2.28% of the company’s stock.

Eastman Chemical Price Performance

Shares of EMN opened at $104.22 on Thursday. 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 has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The firm has a 50-day simple moving average of $106.42 and a 200-day simple moving average of $101.65. The company has a market capitalization of $12.08 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 0.81 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data 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 company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations 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% on a year-over-year basis. During the same period last year, the firm earned $1.47 EPS. On average, equities research analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on EMN shares. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $110.00 to $125.00 in a report on Tuesday. Mizuho raised their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Finally, StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $112.86.

Eastman Chemical 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.