Brighton Jones LLC Invests $202,000 in Eastman Chemical (NYSE:EMN)

Brighton Jones LLC purchased a new position in Eastman Chemical (NYSE:EMN) during the 4th quarter, Holdings Channel.com reports. The firm purchased 2,214 shares of the basic materials company’s stock, valued at approximately $202,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wolff Wiese Magana LLC grew its stake in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the last quarter. Dunhill Financial LLC grew its stake in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after buying an additional 162 shares during the last quarter. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the 3rd quarter valued at $38,000. Massmutual Trust Co. FSB ADV boosted its stake in Eastman Chemical by 52.6% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 185 shares during the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in Eastman Chemical by 784.4% during the 3rd 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 last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical 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 sale, the senior vice president now directly owns 4,403 shares in the company, valued at $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 valued at $1,895,948 over the last ninety days. 1.93% of the stock is currently owned by company insiders.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $92.69 on Wednesday. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The stock’s fifty day moving average is $95.31 and its 200 day moving average is $100.12. The stock has a market cap of $10.74 billion, a P/E ratio of 12.41, a P/E/G ratio of 0.67 and a beta of 1.44. 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 (NYSE:EMN) last announced its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company had revenue of $2.46 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period last year, the firm earned $1.47 EPS. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. Sell-side analysts anticipate that Eastman Chemical will post 7.6 earnings per share for the current year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were issued a dividend of $0.83 per share. The ex-dividend date was Monday, December 16th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a yield of 3.58%. Eastman Chemical’s dividend payout ratio (DPR) is currently 44.44%.

Wall Street Analysts Forecast Growth

Several analysts have commented on EMN shares. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and cut their target price for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Mizuho increased their target price on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. Finally, Piper Sandler cut their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus target price of $112.92.

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.