AMP Capital Investors Ltd raised its stake in Eastman Chemical (NYSE:EMN) by 22.4% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 81,868 shares of the basic materials company’s stock after buying an additional 14,986 shares during the quarter. AMP Capital Investors Ltd owned 0.06% of Eastman Chemical worth $8,184,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in EMN. First Mercantile Trust Co. acquired a new position in Eastman Chemical in the 2nd quarter valued at approximately $113,000. Twin Tree Management LP increased its stake in Eastman Chemical by 72.6% in the 1st quarter. Twin Tree Management LP now owns 1,310 shares of the basic materials company’s stock valued at $138,000 after buying an additional 551 shares during the period. Cornerstone Wealth Management LLC acquired a new position in Eastman Chemical in the 2nd quarter valued at approximately $177,000. Tiverton Asset Management LLC increased its stake in Eastman Chemical by 48.3% in the 1st quarter. Tiverton Asset Management LLC now owns 1,829 shares of the basic materials company’s stock valued at $193,000 after buying an additional 596 shares during the period. Finally, Signaturefd LLC acquired a new position in Eastman Chemical in the 1st quarter valued at approximately $203,000. Hedge funds and other institutional investors own 83.05% of the company’s stock.
In related news, CEO Mark J. Costa sold 20,000 shares of the firm’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the transaction, the chief executive officer now directly owns 190,584 shares in the company, valued at approximately $19,058,400. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lucian Boldea sold 3,523 shares of the firm’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total transaction of $364,912.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,715 shares of company stock worth $4,005,972. 1.14% of the stock is currently owned by company insiders.
Shares of EMN opened at $96.92 on Friday. Eastman Chemical has a 12 month low of $84.42 and a 12 month high of $112.45. The firm has a market cap of $13.54 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 1.24 and a beta of 1.07. The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.04.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.02. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The company had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the prior year, the business posted $1.98 EPS. Eastman Chemical’s quarterly revenue was up 8.4% on a year-over-year basis. equities research analysts forecast that Eastman Chemical will post 8.57 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 14th will be paid a dividend of $0.56 per share. The ex-dividend date is Thursday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 2.31%. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.
EMN has been the topic of several research reports. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a research note on Tuesday, July 3rd. Morgan Stanley upped their price objective on shares of Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 31st. Finally, ValuEngine lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 20th. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $105.31.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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