TLP Group LLC Reduces Position in Eastman Chemical Company (EMN)
TLP Group LLC lessened its stake in Eastman Chemical Company (NYSE:EMN) by 60.7% in the 2nd quarter, according to its most recent filing with the SEC. The fund owned 3,075 shares of the basic materials company’s stock after selling 4,752 shares during the period. TLP Group LLC’s holdings in Eastman Chemical were worth $258,000 at the end of the most recent quarter.
A number of other institutional investors also recently bought and sold shares of EMN. Harbour Capital Advisors LLC acquired a new stake in Eastman Chemical in the 1st quarter valued at approximately $100,000. Advisors Asset Management Inc. grew its stake in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after acquiring an additional 826 shares in the last quarter. Acrospire Investment Management LLC grew its stake in shares of Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 1,500 shares in the last quarter. Pathstone Family Office LLC acquired a new position in shares of Eastman Chemical in the first quarter worth $158,000. Finally, Fiduciary Trust Co. acquired a new position in shares of Eastman Chemical in the second quarter worth $160,000. Hedge funds and other institutional investors own 82.13% of the company’s stock.
Several equities analysts have commented on EMN shares. BidaskClub downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Royal Bank Of Canada restated a “hold” rating and issued a $85.00 price target on shares of Eastman Chemical in a research note on Monday, June 5th. Jefferies Group LLC restated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Finally, Cowen and Company boosted their price target on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, August 7th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $90.90.
In related news, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction 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 completion of 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 document filed with the SEC, which is available through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the firm’s 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. 1.14% of the stock is currently owned by company insiders.
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Shares of Eastman Chemical Company (EMN) opened at 86.465 on Monday. The stock has a market capitalization of $12.52 billion, a PE ratio of 13.877 and a beta of 1.26. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $87.54. The stock’s 50 day moving average is $84.71 and its 200 day moving average is $81.98.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates 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 period last year, the business earned $1.68 EPS. Equities research analysts expect that Eastman Chemical Company will post $7.52 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.36%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s payout ratio 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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