Eastman Chemical Company (NYSE:EMN) Stake Held by First Manhattan Co.
First Manhattan Co. held its position in Eastman Chemical Company (NYSE:EMN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,626 shares of the basic materials company’s stock at the end of the second quarter. First Manhattan Co.’s holdings in Eastman Chemical were worth $304,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. BlackRock Inc. boosted its position in 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 during the last quarter. Blackstone Group L.P. purchased a new position in Eastman Chemical during the first quarter worth $102,065,000. Ameriprise Financial Inc. boosted its position in 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 during the last quarter. TD Asset Management Inc. boosted its position in 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 worth $43,309,000 after buying an additional 277,810 shares during the last quarter. Finally, Contravisory Investment Management Inc. boosted its position in Eastman Chemical by 1.6% in the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after buying an additional 52 shares during the last quarter. 88.72% of the stock is owned by institutional investors.
Eastman Chemical Company (NYSE EMN) opened at 84.26 on Thursday. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60. The company has a market cap of $12.21 billion, a PE ratio of 13.52 and a beta of 1.28. The stock’s 50 day moving average is $84.40 and its 200 day moving average is $80.83.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 12.15% and a return on equity of 24.75%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period last year, the business posted $1.68 EPS. Equities analysts predict that Eastman Chemical Company will post $7.51 earnings per share for the current year.
The business also recently declared 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 2.42%. Eastman Chemical’s dividend payout ratio is 32.28%.
EMN has been the subject of a number of analyst reports. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Monday, May 1st. Deutsche Bank AG reissued a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical in a research report on Wednesday, June 21st. BidaskClub raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Jefferies Group LLC reissued a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical in a research report on Wednesday, July 5th. Finally, Cowen and Company reissued a “buy” rating and issued a $88.00 price objective on shares of Eastman Chemical in a research report on Friday, July 14th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Eastman Chemical has a consensus rating of “Buy” and an average price target of $89.89.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total value of $319,520.00. Following the sale, the director now directly owns 15,693 shares in the company, valued at approximately $1,253,556.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Company 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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