Chemical Bank Trims Position in Eastman Chemical Company (EMN)
Chemical Bank lessened its stake in Eastman Chemical Company (NYSE:EMN) by 3.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 10,010 shares of the basic materials company’s stock after selling 340 shares during the period. Chemical Bank’s holdings in Eastman Chemical were worth $841,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. lifted 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 valued at $926,666,000 after buying an additional 11,161,689 shares during the period. Blackstone Group L.P. bought a new stake in shares of Eastman Chemical in the first quarter valued at about $102,065,000. Contravisory Investment Management Inc. lifted its stake in shares of Eastman Chemical by 1.6% in the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock valued at $277,000 after buying an additional 52 shares during the period. Prudential Financial Inc. lifted its stake in shares of Eastman Chemical by 3.0% in the second quarter. Prudential Financial Inc. now owns 561,295 shares of the basic materials company’s stock valued at $47,143,000 after buying an additional 16,260 shares during the period. Finally, Ameriprise Financial Inc. lifted 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 valued at $215,277,000 after buying an additional 404,626 shares during the period. Institutional investors and hedge funds own 82.13% of the company’s stock.
Several research firms recently weighed in on EMN. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, May 19th. UBS AG reiterated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Citigroup Inc. increased their target price on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Cowen and Company increased their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $85.00 target price on shares of Eastman Chemical in a research note on Monday, June 5th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Eastman Chemical has a consensus rating of “Buy” and a consensus price target of $90.90.
In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, August 22nd. The shares were 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 $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.
Eastman Chemical Company (NYSE EMN) traded up 0.135% during trading on Thursday, reaching $85.205. 79,358 shares of the company were exchanged. The company has a market capitalization of $12.34 billion, a P/E ratio of 13.674 and a beta of 1.26. The firm’s 50-day moving average is $84.56 and its 200 day moving average is $81.79. Eastman Chemical Company has a one year low of $62.70 and a one year high of $87.54.
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, analysts anticipate that Eastman Chemical Company will post $7.52 EPS for the current fiscal 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 2.38%. Eastman Chemical’s dividend payout ratio (DPR) 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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