Geode Capital Management LLC Buys 13,381 Shares of Eastman Chemical (NYSE:EMN)

Geode Capital Management LLC boosted its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 0.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,784,102 shares of the basic materials company's stock after buying an additional 13,381 shares during the quarter. Geode Capital Management LLC owned 2.40% of Eastman Chemical worth $310,628,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EMN. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at $29,000. Wolff Wiese Magana LLC lifted its holdings in shares of Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 200 shares during the last quarter. Dunhill Financial LLC boosted its position 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 valued at $37,000 after purchasing an additional 162 shares during the period. Rothschild Investment LLC purchased a new position in Eastman Chemical in the 2nd quarter worth about $38,000. Finally, Northwest Investment Counselors LLC acquired a new stake in Eastman Chemical during the 3rd quarter worth about $38,000. 83.65% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the business'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 completion of the transaction, the executive vice president now owns 47,287 shares of the company's stock, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the firm's stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares in the company, valued at $1,298,430. This trade represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 over the last 90 days. 1.93% of the stock is currently owned by company insiders.

Eastman Chemical Stock Down 1.2 %

NYSE EMN traded down $1.24 during trading on Friday, reaching $98.50. The company's stock had a trading volume of 1,430,816 shares, compared to its average volume of 968,958. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $11.42 billion, a PE ratio of 13.19, a PEG ratio of 0.79 and a beta of 1.42. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50. The business has a 50-day moving average price of $104.33 and a 200-day moving average price of $101.77.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion during the quarter, compared to analysts' expectations of $2.38 billion. During the same period in the prior year, the company posted $1.47 earnings per share. Eastman Chemical's revenue for the quarter was up 8.7% on a year-over-year basis. On average, research analysts forecast that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 16th will be issued a $0.83 dividend. This is a positive change from Eastman Chemical's previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Monday, December 16th. Eastman Chemical's payout ratio is 43.37%.

Analyst Ratings Changes

EMN has been the topic of several analyst reports. StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. Bank of America cut shares of Eastman Chemical from a "buy" rating to a "neutral" rating and lifted their price objective for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. 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 report on Tuesday, November 26th. Mizuho lifted their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $112.86.

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.