Retirement Systems of Alabama Boosts Position in Eastman Chemical Company (EMN)
Retirement Systems of Alabama increased its position in shares of Eastman Chemical Company (NYSE:EMN) by 1.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 132,045 shares of the basic materials company’s stock after buying an additional 2,219 shares during the period. Retirement Systems of Alabama’s holdings in Eastman Chemical were worth $11,090,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. increased 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 in the last quarter. Blackstone Group L.P. bought a new position in Eastman Chemical during the first quarter worth $102,065,000. Vanguard Group Inc. increased its position in 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. increased 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 in the last quarter. Finally, OppenheimerFunds Inc. increased its position in 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. 88.72% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical Company (NYSE EMN) opened at 83.25 on Friday. The company has a market capitalization of $12.06 billion, a P/E ratio of 13.36 and a beta of 1.28. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $86.60. The company has a 50-day moving average of $84.40 and a 200 day moving average of $80.85.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the prior year, the company earned $1.68 earnings per share. The firm’s revenue was up 5.3% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 2.45%. Eastman Chemical’s dividend payout ratio is currently 32.28%.
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A number of research analysts have recently weighed in on EMN shares. Citigroup Inc. reissued a “buy” rating and set a $81.00 target price (up from $79.00) on shares of Eastman Chemical in a research report on Friday, April 14th. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research report on Wednesday, June 7th. Deutsche Bank AG reissued a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research report on Thursday, May 25th. TheStreet raised shares of Eastman Chemical from a “c+” rating to a “b” rating in a research report on Monday, April 17th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a research report on Wednesday, July 5th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Eastman Chemical presently has an average 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 company’s stock in a transaction that occurred on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the completion of the sale, the director now directly owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were 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. 1.14% of the stock is currently owned by corporate 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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