Dai Ichi Life Insurance Company Ltd Sells 814 Shares of Eastman Chemical Company (EMN)
Dai Ichi Life Insurance Company Ltd trimmed its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 16.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,165 shares of the basic materials company’s stock after selling 814 shares during the quarter. Dai Ichi Life Insurance Company Ltd’s holdings in Eastman Chemical were worth $350,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Harbour Capital Advisors LLC bought a new stake in Eastman Chemical during the first quarter valued at approximately $100,000. Advisors Asset Management Inc. grew its position in Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after buying an additional 826 shares during the period. Fiduciary Trust Co. bought a new stake in Eastman Chemical during the second quarter valued at approximately $160,000. Pathstone Family Office LLC bought a new stake in Eastman Chemical during the first quarter valued at approximately $158,000. Finally, Tower Bridge Advisors bought a new stake in Eastman Chemical during the second quarter valued at approximately $207,000. Institutional investors own 82.13% of the company’s stock.
Several analysts recently issued reports on EMN shares. Deutsche Bank AG restated a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research report on Wednesday, June 21st. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, May 29th. BidaskClub upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Jefferies Group LLC restated a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a research report on Wednesday, July 5th. Finally, KeyCorp restated a “buy” rating and set a $100.00 target price on shares of Eastman Chemical in a research report on Thursday, August 24th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $90.90.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the 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 transaction, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Mark K. Cox sold 1,400 shares of the 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. Company insiders own 1.14% of the company’s stock.
Eastman Chemical Company (NYSE EMN) opened at 84.96 on Friday. Eastman Chemical Company has a one year low of $62.70 and a one year high of $87.54. The stock has a market cap of $12.30 billion, a P/E ratio of 13.64 and a beta of 1.26. The firm’s 50-day moving average is $84.54 and its 200 day moving average is $81.87.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. The business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the company earned $1.68 EPS. On average, analysts anticipate that Eastman Chemical Company will post $7.52 EPS for the current fiscal year.
The firm also recently announced 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 of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.40%. Eastman Chemical’s dividend payout ratio (DPR) is 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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