Camelot Portfolios LLC Cuts Position in Eastman Chemical Company (EMN)
Camelot Portfolios LLC cut its position in shares of Eastman Chemical Company (NYSE:EMN) by 0.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 3,679 shares of the basic materials company’s stock after selling 35 shares during the period. Camelot Portfolios LLC’s holdings in Eastman Chemical were worth $309,000 as of its most recent filing with the SEC.
Other large investors have also recently made changes to their positions in the company. BlackRock Inc. boosted its stake 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 worth $926,666,000 after buying an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. purchased a new stake in shares of Eastman Chemical during the first quarter worth about $102,065,000. Vanguard Group Inc. boosted its stake in shares of Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock worth $1,138,298,000 after buying an additional 557,858 shares in the last quarter. Ameriprise Financial Inc. boosted its stake 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 worth $215,277,000 after buying an additional 404,626 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted its stake in shares of Eastman Chemical by 20.0% in the first quarter. OppenheimerFunds Inc. now owns 2,402,230 shares of the basic materials company’s stock worth $194,100,000 after buying an additional 400,941 shares in the last quarter. Institutional investors and hedge funds own 88.72% of the company’s stock.
Eastman Chemical Company (NYSE EMN) opened at 84.07 on Monday. The stock has a market cap of $12.18 billion, a price-to-earnings ratio of 13.49 and a beta of 1.28. Eastman Chemical Company has a one year low of $62.70 and a one year high of $86.60. The stock’s 50 day moving average price is $84.35 and its 200 day moving average price is $80.56.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.87% and a net margin of 10.11%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $1.68 EPS. Equities analysts predict that Eastman Chemical Company will post $7.50 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.43%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
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A number of equities research analysts recently issued reports on EMN shares. Citigroup Inc. restated a “buy” rating and issued a $81.00 price objective (up from $79.00) on shares of Eastman Chemical in a research note on Friday, April 14th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a report on Wednesday, June 7th. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a report on Thursday, May 25th. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a report on Monday, April 17th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a report on Wednesday, July 5th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $89.44.
In related news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total transaction of $319,520.00. Following the sale, the director now owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.14% of the stock is currently owned by company insiders.
About Eastman Chemical
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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