Global X Management Co. LLC Has $277,000 Position in Eastman Chemical Company (EMN)
Global X Management Co. LLC raised its position in shares of Eastman Chemical Company (NYSE:EMN) by 15.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,300 shares of the basic materials company’s stock after buying an additional 446 shares during the period. Global X Management Co. LLC’s holdings in Eastman Chemical were worth $277,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. Russell Investments Group Ltd. increased its position in shares of Eastman Chemical by 132.7% in the first quarter. Russell Investments Group Ltd. now owns 252,513 shares of the basic materials company’s stock worth $20,410,000 after buying an additional 144,019 shares during the period. Strs Ohio increased its position in shares of Eastman Chemical by 10.0% in the first quarter. Strs Ohio now owns 11,927 shares of the basic materials company’s stock worth $963,000 after buying an additional 1,082 shares during the period. Shell Asset Management Co. increased its position in shares of Eastman Chemical by 5.7% in the first quarter. Shell Asset Management Co. now owns 10,767 shares of the basic materials company’s stock worth $870,000 after buying an additional 584 shares during the period. Janney Montgomery Scott LLC increased its position in shares of Eastman Chemical by 2.1% in the first quarter. Janney Montgomery Scott LLC now owns 49,612 shares of the basic materials company’s stock worth $4,009,000 after buying an additional 1,007 shares during the period. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of Eastman Chemical during the first quarter worth approximately $2,224,000. 88.53% of the stock is owned by institutional investors and hedge funds.
Shares of Eastman Chemical Company (NYSE EMN) opened at 83.13 on Tuesday. Eastman Chemical Company has a one year low of $62.70 and a one year high of $86.60. The company has a market cap of $12.04 billion, a P/E ratio of 13.34 and a beta of 1.28. The company’s 50 day moving average is $84.44 and its 200 day moving average is $81.17.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS 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 company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business earned $1.68 earnings per share. Eastman Chemical’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts predict that Eastman Chemical Company will post $7.51 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.45%. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.28%.
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EMN has been the subject of a number of analyst reports. BidaskClub downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Royal Bank Of Canada reissued a “hold” rating and issued a $85.00 price objective on shares of Eastman Chemical in a research report on Monday, June 5th. Jefferies Group LLC reissued a “buy” rating on shares of Eastman Chemical in a research report on Tuesday, July 11th. Finally, Cowen and Company lifted their price objective on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Six equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Eastman Chemical currently has an average rating of “Hold” and a consensus price target of $89.89.
In related news, Director Lewis M. Kling sold 4,000 shares of the firm’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 value of $319,520.00. Following 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the firm’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 company insiders.
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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