Redwood Investment Management LLC Purchases 18,966 Shares of Eastman Chemical (NYSE:EMN)

Redwood Investment Management LLC lifted its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 314.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,990 shares of the basic materials company's stock after purchasing an additional 18,966 shares during the quarter. Redwood Investment Management LLC's holdings in Eastman Chemical were worth $2,805,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Polar Asset Management Partners Inc. raised its position in shares of Eastman Chemical by 57.4% during the third quarter. Polar Asset Management Partners Inc. now owns 41,400 shares of the basic materials company's stock worth $4,635,000 after purchasing an additional 15,100 shares during the period. Millburn Ridgefield Corp acquired a new stake in shares of Eastman Chemical during the third quarter worth about $153,000. Motley Fool Asset Management LLC raised its position in shares of Eastman Chemical by 1.7% during the third quarter. Motley Fool Asset Management LLC now owns 49,240 shares of the basic materials company's stock worth $5,447,000 after purchasing an additional 807 shares during the period. Integrated Wealth Concepts LLC raised its position in shares of Eastman Chemical by 12.0% during the third quarter. Integrated Wealth Concepts LLC now owns 2,651 shares of the basic materials company's stock worth $297,000 after purchasing an additional 285 shares during the period. Finally, Investment Management Corp of Ontario raised its position in shares of Eastman Chemical by 43.5% during the third quarter. Investment Management Corp of Ontario now owns 3,957 shares of the basic materials company's stock worth $443,000 after purchasing an additional 1,200 shares during the period. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Performance

NYSE:EMN traded down $0.44 during mid-day trading on Thursday, hitting $101.50. 1,295,721 shares of the stock were exchanged, compared to its average volume of 958,326. The stock has a market capitalization of $11.76 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 0.82 and a beta of 1.42. The firm's 50-day simple moving average is $105.61 and its 200 day simple moving average is $101.77. 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 fifty-two week low of $80.71 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping 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 return on equity of 15.37% and a net margin of 9.47%. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted $1.47 EPS. As a group, equities analysts anticipate that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th will be issued a $0.83 dividend. This is a boost from Eastman Chemical's previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a yield of 3.27%. Eastman Chemical's payout ratio is currently 43.37%.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now directly owns 47,287 shares of the company's stock, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 directly owns 4,403 shares of the company's stock, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 in the last three months. Corporate insiders own 1.93% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently commented on EMN shares. Deutsche Bank Aktiengesellschaft dropped their price target on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a research report on Monday, November 4th. Royal Bank of Canada reissued a "sector perform" rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Friday, November 22nd. Wells Fargo & Company raised Eastman Chemical from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Mizuho lifted their target price on Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. Finally, StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Tuesday. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" 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.