Piedmont Investment Advisors LLC Cuts Position in Eastman Chemical Company (EMN)
Piedmont Investment Advisors LLC decreased its holdings in Eastman Chemical Company (NYSE:EMN) by 35.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 14,096 shares of the basic materials company’s stock after selling 7,683 shares during the period. Piedmont Investment Advisors LLC’s holdings in Eastman Chemical were worth $1,276,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of EMN. BlackRock Inc. raised its holdings in Eastman Chemical by 6.3% in the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after buying an additional 717,506 shares during the period. Parametric Portfolio Associates LLC raised its holdings in Eastman Chemical by 249.2% in the second quarter. Parametric Portfolio Associates LLC now owns 759,967 shares of the basic materials company’s stock valued at $63,830,000 after buying an additional 542,349 shares during the period. Assenagon Asset Management S.A. purchased a new position in Eastman Chemical in the third quarter valued at approximately $42,235,000. PGGM Investments raised its stake in shares of Eastman Chemical by 259.5% during the third quarter. PGGM Investments now owns 333,625 shares of the basic materials company’s stock valued at $30,190,000 after purchasing an additional 240,832 shares during the period. Finally, Wells Fargo & Company MN raised its stake in shares of Eastman Chemical by 49.1% during the third quarter. Wells Fargo & Company MN now owns 680,082 shares of the basic materials company’s stock valued at $61,540,000 after purchasing an additional 223,873 shares during the period. Hedge funds and other institutional investors own 82.66% of the company’s stock.
A number of analysts have recently issued reports on the stock. Instinet lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective on the stock. in a research note on Tuesday, October 10th. Zacks Investment Research upgraded shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. UBS lifted their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Nomura lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective on the stock. in a research note on Tuesday, October 10th. Finally, KeyCorp reiterated a “buy” rating and set a $100.00 price objective on shares of Eastman Chemical in a research note on Thursday, August 24th. Ten research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $96.93.
Shares of Eastman Chemical Company (EMN) opened at $90.23 on Friday. Eastman Chemical Company has a 1 year low of $74.78 and a 1 year high of $94.96. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. The firm has a market cap of $13,081.27, a P/E ratio of 12.12, a PEG ratio of 1.55 and a beta of 1.31.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, topping analysts’ consensus estimates of $2.03 by $0.16. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The business had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the company earned $1.86 earnings per share. The business’s quarterly revenue was up 7.8% compared to the same quarter last year. research analysts expect that Eastman Chemical Company will post 7.12 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Monday, December 18th will be issued a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date of this dividend is Friday, December 15th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s payout ratio is currently 29.23%.
In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total value of $479,024.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.14% of the company’s stock.
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Eastman Chemical Company 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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