Great West Life Assurance Co. Can Sells 5,999 Shares of Eastman Chemical Company (NYSE:EMN)
Great West Life Assurance Co. Can reduced its position in shares of Eastman Chemical Company (NYSE:EMN) by 5.3% during the second quarter, Holdings Channel reports. The fund owned 107,709 shares of the basic materials company’s stock after selling 5,999 shares during the period. Great West Life Assurance Co. Can’s holdings in Eastman Chemical were worth $9,037,000 as of its most recent filing with the SEC.
Other large investors have also 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 during the last quarter. Blackstone Group L.P. acquired a new stake in shares of Eastman Chemical during the first quarter worth about $102,065,000. 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 during the last quarter. Exane Derivatives boosted its stake 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 worth $2,389,000 after buying an additional 28,450 shares during the last quarter. Finally, TD Asset Management Inc. boosted its stake 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 worth $43,309,000 after buying an additional 277,810 shares during the last quarter. 88.72% of the stock is owned by institutional investors.
Eastman Chemical Company (NYSE:EMN) opened at 83.21 on Friday. The company has a market cap of $12.05 billion, a PE ratio of 13.35 and a beta of 1.28. The stock has a 50 day moving average of $84.41 and a 200-day moving average of $80.89. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $86.60.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company posted $1.68 earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. On average, equities research analysts anticipate that Eastman Chemical Company will post $7.51 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 2.45%. Eastman Chemical’s payout ratio is currently 32.28%.
EMN has been the subject of a number of recent research reports. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research report on Monday, May 1st. Deutsche Bank AG reaffirmed a “buy” rating and set 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 reaffirmed a “buy” rating and set a $90.00 price objective on shares of Eastman Chemical in a research report on Wednesday, July 5th. Finally, Cowen and Company reaffirmed a “buy” rating and set 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 stock. The company currently has a consensus rating of “Buy” and an average target price of $89.89.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the business’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 completion of the sale, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the business’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 value of $117,936.00. The disclosure for this sale can be found here. 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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