Townsquare Capital LLC Buys New Shares in Eastman Chemical (NYSE:EMN)

Townsquare Capital LLC purchased a new stake in shares of Eastman Chemical (NYSE:EMN) in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 2,110 shares of the basic materials company’s stock, valued at approximately $236,000.

A number of other hedge funds have also recently bought and sold shares of EMN. Wolff Wiese Magana LLC grew its holdings in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares during the period. Cultivar Capital Inc. bought a new stake in Eastman Chemical in the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC acquired a new stake in Eastman Chemical during the 3rd quarter valued at $38,000. Rothschild Investment LLC bought a new position in Eastman Chemical during the second quarter worth $38,000. Finally, Friedenthal Financial acquired a new position in shares of Eastman Chemical in the second quarter valued at $49,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $101.07 on Friday. The firm has a 50 day moving average of $105.39 and a 200-day moving average of $101.78. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. 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 $11.72 billion, a PE ratio of 13.53, a PEG ratio of 0.81 and a beta of 1.42.

Eastman Chemical (NYSE:EMN) last released its 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. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. 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 earned $1.47 earnings per share. The company’s quarterly revenue was up 8.7% on a year-over-year basis. On average, equities research analysts predict that Eastman Chemical will post 7.63 EPS for the current fiscal 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. This represents a $3.32 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Monday, December 16th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s payout ratio is currently 43.37%.

Insiders Place Their Bets

In related news, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. This trade represents a 19.84 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated 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 approximately $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,021 shares of company stock valued at $1,895,948. 1.93% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts recently commented on EMN shares. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Mizuho boosted their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft lowered their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Seven 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 currently has an average rating of “Moderate Buy” and an average price target of $112.86.

Eastman Chemical 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.