Private Advisor Group LLC Lowers Holdings in Eastman Chemical Company (EMN)
Private Advisor Group LLC decreased its position in shares of Eastman Chemical Company (NYSE:EMN) by 77.9% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,207 shares of the basic materials company’s stock after selling 14,847 shares during the period. Private Advisor Group LLC’s holdings in Eastman Chemical were worth $356,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC purchased a new stake in Eastman Chemical during the first quarter valued at about $100,000. Advisors Asset Management Inc. raised 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 purchasing an additional 826 shares in the last quarter. Fiduciary Trust Co. purchased a new stake in Eastman Chemical during the second quarter valued at about $160,000. Pathstone Family Office LLC purchased a new stake in Eastman Chemical during the first quarter valued at about $158,000. Finally, Tower Bridge Advisors purchased a new stake in Eastman Chemical during the second quarter valued at about $207,000. Institutional investors and hedge funds own 82.13% of the company’s stock.
In related news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction dated 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 directly owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the stock in a transaction dated Thursday, August 3rd. The stock was 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.
EMN has been the topic of a number of research reports. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a research report on Monday, May 22nd. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical in a report on Thursday, May 25th. Royal Bank Of Canada reiterated a “hold” rating and issued a $85.00 price objective on shares of Eastman Chemical in a report on Monday, June 5th. BidaskClub upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical in a report on Friday, June 16th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $90.90.
Shares of Eastman Chemical Company (NYSE EMN) opened at 85.41 on Tuesday. The company has a market capitalization of $12.37 billion, a PE ratio of 13.71 and a beta of 1.26. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $87.54. The company has a 50 day moving average price of $84.61 and a 200 day moving average price of $81.93.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the prior year, the company earned $1.68 EPS. The business’s revenue was up 5.3% compared to the same quarter last year. Equities analysts predict 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. Investors of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.39%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.28%.
About Eastman Chemical
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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