Texas Permanent School Fund Sells 1,829 Shares of Eastman Chemical Company (EMN)
Texas Permanent School Fund cut its stake in Eastman Chemical Company (NYSE:EMN) by 4.3% during the second quarter, according to its most recent filing with the SEC. The fund owned 40,974 shares of the basic materials company’s stock after selling 1,829 shares during the period. Texas Permanent School Fund’s holdings in Eastman Chemical were worth $3,441,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the company. BlackRock Inc. boosted its position in shares of Eastman Chemical by 3,636.5% in the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after buying an additional 11,161,689 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Eastman Chemical by 17.9% in the first quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock valued at $215,277,000 after buying an additional 404,626 shares during the period. Blackstone Group L.P. acquired a new position in shares of Eastman Chemical during the first quarter valued at $102,065,000. TD Asset Management Inc. boosted its position in shares of Eastman Chemical by 107.6% in the first quarter. TD Asset Management Inc. now owns 535,998 shares of the basic materials company’s stock valued at $43,309,000 after buying an additional 277,810 shares during the period. Finally, Exane Derivatives boosted its position in shares of Eastman Chemical by 569,000.0% in the second quarter. Exane Derivatives now owns 28,455 shares of the basic materials company’s stock valued at $2,389,000 after buying an additional 28,450 shares during the period. Hedge funds and other institutional investors own 88.14% of the company’s stock.
Shares of Eastman Chemical Company (EMN) opened at 84.07 on Friday. The company has a market cap of $12.18 billion, a PE ratio of 13.49 and a beta of 1.28. The firm’s 50-day moving average is $84.35 and its 200-day moving average is $80.56. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $86.60.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.87% and a net margin of 10.11%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the firm posted $1.68 EPS. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities analysts forecast that Eastman Chemical Company will post $7.50 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.43%. Eastman Chemical’s dividend payout ratio is presently 32.28%.
Several equities analysts have recently weighed in on EMN shares. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research note on Monday, May 1st. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical in a research note on Wednesday, June 21st. BidaskClub upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Jefferies Group LLC reiterated a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical in a research note on Wednesday, July 5th. Finally, Cowen and Company reiterated a “buy” rating and issued a $88.00 price objective on shares of Eastman Chemical in a research note on Friday, July 14th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $89.44.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the sale, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.14% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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