Wagner Bowman Management Corp Lowers Position in Eastman Chemical Co. (EMN)
Wagner Bowman Management Corp lowered its stake in shares of Eastman Chemical Co. (NYSE:EMN) by 1.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 8,416 shares of the company’s stock after selling 100 shares during the period. Wagner Bowman Management Corp’s holdings in Eastman Chemical were worth $571,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its stake in Eastman Chemical by 267.0% in the first quarter. JPMorgan Chase & Co. now owns 8,525,183 shares of the company’s stock valued at $615,777,000 after buying an additional 6,202,173 shares during the period. Norges Bank bought a new stake in Eastman Chemical during the fourth quarter valued at $155,796,000. State Street Corp boosted its stake in Eastman Chemical by 5.3% in the first quarter. State Street Corp now owns 6,255,812 shares of the company’s stock valued at $451,861,000 after buying an additional 312,926 shares during the period. Hancock Holding Co. boosted its stake in Eastman Chemical by 369.6% in the first quarter. Hancock Holding Co. now owns 211,051 shares of the company’s stock valued at $15,243,000 after buying an additional 166,109 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in Eastman Chemical by 725.0% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 174,810 shares of the company’s stock valued at $11,869,000 after buying an additional 153,621 shares during the period. Hedge funds and other institutional investors own 84.10% of the company’s stock.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 0.77% during midday trading on Tuesday, hitting $64.30. 789,166 shares of the stock were exchanged. The stock has a market cap of $9.50 billion, a P/E ratio of 10.83 and a beta of 1.61. The firm has a 50 day moving average of $65.88 and a 200-day moving average of $70.74. Eastman Chemical Co. has a 12 month low of $56.03 and a 12 month high of $78.79.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.73 by $0.05. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company posted $2.01 EPS. Eastman Chemical’s revenue was down 9.3% compared to the same quarter last year. Equities research analysts anticipate that Eastman Chemical Co. will post $6.54 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a dividend of $0.46 per share. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.86%. Eastman Chemical’s dividend payout ratio is 30.98%.
Several analysts have recently weighed in on EMN shares. Citigroup Inc. cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $74.00 to $73.00 in a research report on Wednesday, September 7th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Eastman Chemical in a research report on Friday, July 29th. RBC Capital Markets cut shares of Eastman Chemical from an “outperform” rating to a “sector perform” rating and decreased their target price for the stock from $83.00 to $70.00 in a research report on Tuesday, August 2nd. Royal Bank Of Canada decreased their target price on shares of Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, June 27th. Finally, Jefferies Group reiterated a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a research report on Friday, July 29th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company’s stock. Eastman Chemical presently has a consensus rating of “Hold” and an average price target of $76.27.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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