Riverhead Capital Management LLC Increases Stake in Eastman Chemical Company (EMN)
Riverhead Capital Management LLC lifted its holdings in Eastman Chemical Company (NYSE:EMN) by 33.0% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 49,429 shares of the basic materials company’s stock after purchasing an additional 12,277 shares during the period. Riverhead Capital Management LLC’s holdings in Eastman Chemical were worth $4,151,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also made changes to their positions in EMN. Harbour Capital Advisors LLC purchased a new stake in shares of Eastman Chemical in the 1st quarter worth approximately $100,000. Advisors Asset Management Inc. lifted its position in shares of Eastman Chemical by 149.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 826 shares during the period. Pathstone Family Office LLC purchased a new stake in shares of Eastman Chemical in the 1st quarter worth approximately $158,000. Fiduciary Trust Co. purchased a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $160,000. Finally, Tower Bridge Advisors purchased a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $207,000. 82.13% of the stock is owned by hedge funds and other institutional investors.
In other news, 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 transaction of $117,936.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the sale, the director now owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by insiders.
Several brokerages have recently weighed in on EMN. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, June 30th. Citigroup Inc. upped their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th. KeyCorp reaffirmed a “buy” rating and issued a $100.00 price target on shares of Eastman Chemical in a research report on Thursday, August 24th. BidaskClub raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. 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 analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $90.90.
Eastman Chemical Company (NYSE EMN) opened at 86.0632 on Wednesday. Eastman Chemical Company has a 52 week low of $62.70 and a 52 week high of $87.54. The firm’s 50-day moving average is $84.55 and its 200-day moving average is $81.74. The firm has a market cap of $12.46 billion, a price-to-earnings ratio of 13.8121 and a beta of 1.26.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.68 earnings per share. On average, equities analysts anticipate that Eastman Chemical Company will post $7.52 earnings per share for the current year.
The business 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 dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.37%. Eastman Chemical’s dividend payout ratio is presently 32.28%.
Eastman Chemical 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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