6,133 Shares in Eastman Chemical Company (EMN) Acquired by GSA Capital Partners LLP
GSA Capital Partners LLP bought a new position in shares of Eastman Chemical Company (NYSE:EMN) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 6,133 shares of the basic materials company’s stock, valued at approximately $515,000.
A number of other hedge funds have also bought and sold shares of EMN. BlackRock Inc. grew 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 in the last quarter. Laurion Capital Management LP grew its stake in shares of Eastman Chemical by 689.5% in the second quarter. Laurion Capital Management LP now owns 87,034 shares of the basic materials company’s stock valued at $7,310,000 after buying an additional 76,010 shares in the last quarter. Blackstone Group L.P. acquired a new stake in shares of Eastman Chemical in the first quarter valued at $102,065,000. Contravisory Investment Management Inc. grew 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 in the last quarter. Finally, Prudential Financial Inc. grew 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 in the last quarter. 82.13% of the stock is owned by institutional investors.
A number of equities research analysts have recently weighed in on EMN shares. BidaskClub raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical in a research note on Friday, June 16th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical in a research note on Wednesday, June 21st. UBS AG reaffirmed a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Finally, Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Tuesday, July 4th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Eastman Chemical has an average rating of “Hold” and an average price target of $93.25.
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In related news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the sale, the director now directly owns 21,858 shares in the company, valued at approximately $1,845,470.94. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the stock in a transaction 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. Corporate insiders own 1.14% of the company’s stock.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 88.78 on Wednesday. The firm has a market capitalization of $12.86 billion, a PE ratio of 14.25 and a beta of 1.27. Eastman Chemical Company has a 52 week low of $62.70 and a 52 week high of $91.39. The stock has a 50 day moving average price of $86.85 and a 200-day moving average price of $83.14.
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, topping analysts’ consensus estimates of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.68 EPS. Equities analysts anticipate that Eastman Chemical Company will post $7.43 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a dividend of $0.51 per share. The ex-dividend date was Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.30%. 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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