WCM Investment Management LLC Buys 2,259 Shares of Eastman Chemical (NYSE:EMN)

WCM Investment Management LLC lifted its stake in Eastman Chemical (NYSE:EMN) by 67.8% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 5,589 shares of the basic materials company’s stock after acquiring an additional 2,259 shares during the period. WCM Investment Management LLC’s holdings in Eastman Chemical were worth $508,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EMN. Exchange Traded Concepts LLC raised its position in shares of Eastman Chemical by 784.4% in the third quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 604 shares during the period. McGlone Suttner Wealth Management Inc. bought a new position in Eastman Chemical in the 3rd quarter worth $237,000. Sound Income Strategies LLC lifted its position in Eastman Chemical by 1,603.8% during the 3rd quarter. Sound Income Strategies LLC now owns 2,232 shares of the basic materials company’s stock worth $250,000 after acquiring an additional 2,101 shares during the last quarter. Iams Wealth Management LLC boosted its holdings in Eastman Chemical by 12.8% during the third quarter. Iams Wealth Management LLC now owns 8,365 shares of the basic materials company’s stock valued at $937,000 after acquiring an additional 949 shares during the period. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its position in shares of Eastman Chemical by 12.3% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,616 shares of the basic materials company’s stock valued at $2,868,000 after purchasing an additional 2,806 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $99.04 on Tuesday. The business has a 50 day simple moving average of $94.31 and a 200 day simple moving average of $100.16. Eastman Chemical has a one year low of $81.00 and a one year high of $114.50. The company has a market capitalization of $11.48 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. 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 quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. On average, sell-side analysts forecast that Eastman Chemical will post 8.47 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.35%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Monday, December 16th. Eastman Chemical’s dividend payout ratio (DPR) is currently 43.23%.

Analysts Set New Price Targets

EMN has been the subject of several research analyst reports. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. JPMorgan Chase & Co. boosted their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Barclays reduced their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $113.54.

Insider Buying and Selling at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were 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 owns 47,287 shares of the company’s stock, 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 SEC, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.93% of the company’s stock.

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.