Garrison Financial Corp Has $3.37 Million Stake in Eastman Chemical Company (EMN)
Garrison Financial Corp lowered its stake in Eastman Chemical Company (NYSE:EMN) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 40,146 shares of the basic materials company’s stock after selling 654 shares during the period. Eastman Chemical makes up about 2.0% of Garrison Financial Corp’s holdings, making the stock its 19th largest position. Garrison Financial Corp’s holdings in Eastman Chemical were worth $3,372,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently added to or reduced their stakes in EMN. Harbour Capital Advisors LLC bought a new stake in Eastman Chemical during the first quarter valued at about $100,000. FTB Advisors Inc. raised its stake in Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares during the last quarter. Whittier Trust Co. raised its stake in Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares during the last quarter. Pathstone Family Office LLC bought a new stake in Eastman Chemical during the first quarter valued at about $158,000. Finally, Tower Bridge Advisors bought a new stake in Eastman Chemical during the second quarter valued at about $207,000. Institutional investors and hedge funds own 88.72% of the company’s stock.
Shares of Eastman Chemical Company (EMN) opened at 83.21 on Friday. The company has a market capitalization of $12.05 billion, a PE ratio of 13.35 and a beta of 1.28. Eastman Chemical Company has a 52 week low of $62.70 and a 52 week high of $86.60. The company has a 50 day moving average price of $84.41 and a 200 day moving average price of $80.89.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $2.35 billion. During the same period in the previous year, the business earned $1.68 EPS. Eastman Chemical’s revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that Eastman Chemical Company will post $7.51 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given 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 dividend yield of 2.45%. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.28%.
A number of equities analysts have weighed in on EMN shares. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a research report on Monday, April 17th. Citigroup Inc. reissued a “buy” rating and set a $81.00 price target (up previously from $79.00) on shares of Eastman Chemical in a research report on Friday, April 14th. Deutsche Bank AG reissued a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a research report on Thursday, May 25th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a research report on Monday, May 22nd. Finally, Jefferies Group LLC reissued a “buy” rating and set a $90.00 price target on shares of Eastman Chemical in a research report on Friday, June 16th. Six investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $89.89.
In other news, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction 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 transaction, the director now owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The disclosure for this sale can be found here. 1.14% of the stock is owned by 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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