RNC Capital Management LLC Buys 15 Shares of Eastman Chemical Company (EMN)
RNC Capital Management LLC boosted its stake in shares of Eastman Chemical Company (NYSE:EMN) by 0.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,278 shares of the basic materials company’s stock after buying an additional 15 shares during the quarter. RNC Capital Management LLC’s holdings in Eastman Chemical were worth $275,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Spot Trading L.L.C. raised its position in shares of Eastman Chemical by 122.8% in the 1st quarter. Spot Trading L.L.C. now owns 9,367 shares of the basic materials company’s stock worth $757,000 after acquiring an additional 50,467 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Eastman Chemical by 20.3% in the 1st quarter. Victory Capital Management Inc. now owns 18,525 shares of the basic materials company’s stock worth $1,497,000 after acquiring an additional 3,121 shares in the last quarter. AXA raised its position in shares of Eastman Chemical by 3.7% in the 1st quarter. AXA now owns 14,000 shares of the basic materials company’s stock worth $1,131,000 after acquiring an additional 500 shares in the last quarter. United Services Automobile Association raised its position in shares of Eastman Chemical by 3.7% in the 1st quarter. United Services Automobile Association now owns 51,221 shares of the basic materials company’s stock worth $4,139,000 after acquiring an additional 1,834 shares in the last quarter. Finally, Wellington Management Group LLP raised its position in shares of Eastman Chemical by 125.5% in the 1st quarter. Wellington Management Group LLP now owns 52,747 shares of the basic materials company’s stock worth $4,262,000 after acquiring an additional 29,356 shares in the last quarter. 82.13% of the stock is currently owned by hedge funds and other institutional investors.
Eastman Chemical Company (NYSE EMN) traded up 0.33% on Friday, hitting $88.65. 787,557 shares of the stock traded hands. The company’s 50 day moving average price is $87.26 and its 200-day moving average price is $83.31. Eastman Chemical Company has a 52-week low of $63.35 and a 52-week high of $91.39. The stock has a market cap of $12.84 billion, a price-to-earnings ratio of 14.23 and a beta of 1.27.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share 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 for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the company earned $1.68 EPS. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, analysts forecast that Eastman Chemical Company will post $7.35 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
Several research analysts have recently weighed in on EMN shares. Citigroup Inc. lifted their price objective on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th. Cowen and Company reaffirmed a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a research report on Friday, July 14th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $90.00 target price on shares of Eastman Chemical in a research report on Wednesday, July 5th. BidaskClub lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. 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 report on Tuesday, July 4th. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Eastman Chemical presently has an average rating of “Hold” and an average price target of $93.00.
In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Renee J. Hornbaker sold 4,000 shares of Eastman Chemical 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 owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by insiders.
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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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