HPM Partners LLC Buys Shares of 111,429 Eastman Chemical Company (EMN)
HPM Partners LLC bought a new stake in shares of Eastman Chemical Company (NYSE:EMN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 111,429 shares of the basic materials company’s stock, valued at approximately $1,573,000. HPM Partners LLC owned about 0.08% of Eastman Chemical as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in EMN. BlackRock Inc. grew its holdings in shares of Eastman Chemical by 3,636.5% during the 1st quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after purchasing an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. bought a new position in shares of Eastman Chemical during the 1st quarter valued at $102,065,000. Vanguard Group Inc. grew its holdings in shares of Eastman Chemical by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after purchasing an additional 557,858 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Eastman Chemical by 17.9% during the 1st quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock valued at $215,277,000 after purchasing an additional 404,626 shares during the last quarter. Finally, OppenheimerFunds Inc. grew its holdings in shares of Eastman Chemical by 20.0% during the 1st quarter. OppenheimerFunds Inc. now owns 2,402,230 shares of the basic materials company’s stock valued at $194,100,000 after purchasing an additional 400,941 shares during the last quarter. 82.13% of the stock is currently owned by institutional investors.
Several equities analysts recently commented on EMN shares. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, May 19th. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a report on Thursday, May 25th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $85.00 target price on shares of Eastman Chemical in a report on Monday, June 5th. BidaskClub raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a report on Friday, June 16th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $90.90.
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In other news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the sale, the director now owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the 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 disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
Shares of Eastman Chemical Company (EMN) remained flat at $84.83 during midday trading on Friday. The company’s stock had a trading volume of 1,010,034 shares. The firm has a market capitalization of $12.29 billion, a PE ratio of 13.61 and a beta of 1.26. The firm’s 50-day moving average is $84.55 and its 200 day moving average is $81.69. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $87.54.
Eastman Chemical (NYSE:EMN) last announced its earnings results 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 net margin of 10.11% and a return on equity of 22.54%. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm posted $1.68 earnings per share. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts expect that Eastman Chemical Company will post $7.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 32.28%.
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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