GHP Investment Advisors Inc. lifted its position in shares of Eastman Chemical (NYSE:EMN) by 6.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,350 shares of the basic materials company’s stock after acquiring an additional 1,425 shares during the period. GHP Investment Advisors Inc.’s holdings in Eastman Chemical were worth $2,070,000 at the end of the most recent reporting period.
Several other hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. raised its position in shares of Eastman Chemical by 2.7% during the 4th quarter. BlackRock Inc. now owns 12,147,844 shares of the basic materials company’s stock valued at $1,125,377,000 after acquiring an additional 320,786 shares in the last quarter. Ameriprise Financial Inc. raised its position in shares of Eastman Chemical by 8.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock valued at $265,234,000 after acquiring an additional 223,382 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Eastman Chemical by 4.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock valued at $202,526,000 after acquiring an additional 87,674 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Eastman Chemical by 1.9% during the 4th quarter. Geode Capital Management LLC now owns 1,799,218 shares of the basic materials company’s stock valued at $166,377,000 after acquiring an additional 34,079 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in shares of Eastman Chemical by 6,003.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock valued at $157,557,000 after acquiring an additional 1,672,883 shares in the last quarter. 85.59% of the stock is currently owned by institutional investors and hedge funds.
EMN has been the topic of several research reports. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $119.00 price target on the stock in a research report on Wednesday, March 7th. KeyCorp reissued a “buy” rating and set a $118.00 price target (up from $108.00) on shares of Eastman Chemical in a research report on Monday, January 8th. Jefferies Group reissued a “buy” rating on shares of Eastman Chemical in a research report on Friday, March 9th. Barclays increased their target price on Eastman Chemical from $100.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, February 5th. Finally, Tudor Pickering assumed coverage on Eastman Chemical in a research report on Tuesday, November 14th. They issued a “hold” rating on the stock. Eight research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. Eastman Chemical presently has a consensus rating of “Buy” and a consensus price target of $103.27.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.56. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical had a return on equity of 22.02% and a net margin of 15.44%. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same period last year, the company earned $1.51 earnings per share. equities analysts anticipate that Eastman Chemical will post 8.53 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Wednesday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 22.13%.
In other news, CFO Curtis E. Espeland sold 47,000 shares of the firm’s stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $100.00, for a total transaction of $4,700,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Stephen R. Demeritt sold 4,000 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $99.84, for a total value of $399,360.00. Following the transaction, the director now directly owns 17,732 shares in the company, valued at $1,770,362.88. The disclosure for this sale can be found here. Insiders have sold 134,335 shares of company stock worth $13,334,831 over the last three months. Corporate insiders own 1.14% of the company’s stock.
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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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