2,756 Shares in Eastman Chemical (NYSE:EMN) Acquired by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC purchased a new position in Eastman Chemical (NYSE:EMN) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 2,756 shares of the basic materials company’s stock, valued at approximately $276,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in EMN. Burns J W & Co. Inc. NY purchased a new position in Eastman Chemical in the fourth quarter valued at $205,000. CHURCHILL MANAGEMENT Corp purchased a new position in shares of Eastman Chemical in the 1st quarter valued at about $1,681,000. Massachusetts Financial Services Co. MA raised its position in shares of Eastman Chemical by 7.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock worth $231,357,000 after acquiring an additional 168,009 shares in the last quarter. Cetera Trust Company N.A purchased a new stake in Eastman Chemical during the fourth quarter worth approximately $812,000. Finally, Vanguard Group Inc. boosted its holdings in Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after purchasing an additional 61,580 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on EMN shares. Mizuho increased their target price on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Barclays upped their target price on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research report on Monday, May 6th. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Jefferies Financial Group raised Eastman Chemical from a “hold” rating to a “buy” rating and increased their price objective for the company from $102.00 to $125.00 in a report on Monday, April 29th. Finally, KeyCorp lifted their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $107.31.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 3,662 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $101.26, for a total transaction of $370,814.12. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares in the company, valued at approximately $39,878,545.22. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Adrian James Holt sold 3,662 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,027 shares of company stock worth $10,885,638. 2.28% of the stock is currently owned by corporate insiders.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $95.15 on Tuesday. The stock has a fifty day moving average price of $99.27 and a 200 day moving average price of $93.35. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $105.98. The firm has a market capitalization of $11.19 billion, a P/E ratio of 12.26, a PEG ratio of 1.07 and a beta of 1.46.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. The firm 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%. Eastman Chemical’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.63 earnings per share. Equities research analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s dividend payout ratio is presently 41.75%.

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.