Brookmont Capital Management Raises Stock Position in Eastman Chemical (NYSE:EMN)

Brookmont Capital Management grew its holdings in Eastman Chemical (NYSE:EMN) by 1.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 17,551 shares of the basic materials company’s stock after acquiring an additional 271 shares during the period. Brookmont Capital Management’s holdings in Eastman Chemical were worth $1,759,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in EMN. Investment Partners LTD. purchased a new stake in Eastman Chemical during the 1st quarter worth $210,000. Wealth Enhancement Advisory Services LLC increased its stake in Eastman Chemical by 25.6% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 15,699 shares of the basic materials company’s stock worth $1,573,000 after buying an additional 3,196 shares during the period. Kingswood Wealth Advisors LLC increased its stake in Eastman Chemical by 19.0% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 3,915 shares of the basic materials company’s stock worth $392,000 after buying an additional 626 shares during the period. Kwmg LLC increased its stake in Eastman Chemical by 7.0% during the 1st quarter. Kwmg LLC now owns 44,136 shares of the basic materials company’s stock worth $4,423,000 after buying an additional 2,884 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the 1st quarter worth $34,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.8 %

Shares of NYSE:EMN traded up $0.78 during midday trading on Friday, hitting $97.97. The stock had a trading volume of 1,137,842 shares, compared to its average volume of 1,011,116. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The business’s 50-day simple moving average is $99.27 and its 200-day simple moving average is $93.12. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The company has a market cap of $11.53 billion, a P/E ratio of 12.63, a PEG ratio of 1.07 and a beta of 1.51.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the business earned $1.63 EPS. On average, sell-side analysts forecast that Eastman Chemical will post 7.69 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock worth $10,885,638 in the last ninety days. Company insiders own 1.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EMN shares. UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $106.00 to $128.00 in a research report on Thursday, May 23rd. Citigroup dropped their target price on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday. Royal Bank of Canada boosted their target price on shares of Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 30th. KeyCorp boosted their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Finally, Jefferies Financial Group raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and upped their price target for the stock from $102.00 to $125.00 in a research note on Monday, April 29th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target of $107.31.

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.