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 Eastman Chemical stock in a transaction 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 transaction, the senior vice president now owns 4,403 shares in the company, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink.

Eastman Chemical Trading Down 0.7 %

Shares of NYSE:EMN opened at $104.23 on Friday. 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 52-week low of $80.71 and a 52-week high of $114.50. The stock has a market cap of $12.08 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 0.81 and a beta of 1.44. The business has a 50-day moving average price of $106.37 and a 200-day moving average price of $101.67.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.47 EPS. Equities analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

Institutional Investors Weigh In On Eastman Chemical

Several hedge funds have recently added to or reduced their stakes in the business. Franklin Resources Inc. lifted its holdings in shares of Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after buying an additional 282,458 shares during the period. Wilmington Savings Fund Society FSB acquired a new position in Eastman Chemical in the third quarter valued at approximately $656,000. Sanctuary Advisors LLC boosted its position in Eastman Chemical by 21.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 26,008 shares of the basic materials company’s stock worth $2,746,000 after purchasing an additional 4,606 shares in the last quarter. Rehmann Capital Advisory Group acquired a new stake in shares of Eastman Chemical during the 3rd quarter worth approximately $202,000. Finally, Fortem Financial Group LLC purchased a new position in shares of Eastman Chemical during the 3rd quarter valued at approximately $462,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on EMN shares. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Deutsche Bank Aktiengesellschaft decreased 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 report on Monday, November 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Friday, November 22nd. Finally, Mizuho increased their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical presently 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.