Eastman Chemical (NYSE:EMN) Shares Acquired by Quantinno Capital Management LP

Quantinno Capital Management LP grew its position in Eastman Chemical (NYSE:EMN - Free Report) by 147.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 43,323 shares of the basic materials company's stock after acquiring an additional 25,848 shares during the period. Quantinno Capital Management LP's holdings in Eastman Chemical were worth $4,850,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of EMN. Cetera Advisors LLC raised its holdings in Eastman Chemical by 119.7% in the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company's stock worth $1,011,000 after purchasing an additional 5,496 shares during the period. Park Avenue Securities LLC raised its stake in shares of Eastman Chemical by 3.5% during the 2nd quarter. Park Avenue Securities LLC now owns 8,925 shares of the basic materials company's stock worth $874,000 after buying an additional 305 shares during the period. CWM LLC lifted its position in shares of Eastman Chemical by 20.7% during the 2nd quarter. CWM LLC now owns 5,285 shares of the basic materials company's stock valued at $518,000 after buying an additional 907 shares in the last quarter. QRG Capital Management Inc. lifted its position in shares of Eastman Chemical by 17.6% during the 2nd quarter. QRG Capital Management Inc. now owns 34,238 shares of the basic materials company's stock valued at $3,354,000 after buying an additional 5,133 shares in the last quarter. Finally, SG Americas Securities LLC grew its stake in Eastman Chemical by 44.4% in the 2nd quarter. SG Americas Securities LLC now owns 36,554 shares of the basic materials company's stock valued at $3,581,000 after acquiring an additional 11,245 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 0.4 %

Shares of EMN stock traded down $0.44 on Friday, hitting $101.07. 1,309,228 shares of the stock traded hands, compared to its average volume of 999,933. 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 twelve month low of $80.71 and a twelve month high of $114.50. The firm's 50-day moving average price is $105.39 and its two-hundred day moving average price is $101.78. The stock has a market capitalization of $11.72 billion, a PE ratio of 13.53, a PEG ratio of 0.81 and a beta of 1.42.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share 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 revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.47 EPS. As a group, analysts anticipate that Eastman Chemical will post 7.63 EPS for the current year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th will be given a $0.83 dividend. The ex-dividend date is Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a yield of 3.28%. This is an increase from Eastman Chemical's previous quarterly dividend of $0.81. Eastman Chemical's payout ratio is currently 44.44%.

Insider Activity

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the firm's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated 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 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 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 in the last quarter. Insiders own 1.93% of the company's stock.

Analyst Ratings Changes

A number of research firms have weighed in on EMN. 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. Wells Fargo & Company raised shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and raised their price target for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Royal Bank of Canada reiterated a "sector perform" rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Bank of America downgraded Eastman Chemical from a "buy" rating to a "neutral" rating and raised their target price for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Finally, Mizuho lifted their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.