LSV Asset Management raised its stake in shares of Eastman Chemical Company (NYSE:EMN) by 5.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,812,967 shares of the basic materials company’s stock after buying an additional 192,409 shares during the period. LSV Asset Management owned approximately 2.62% of Eastman Chemical Company worth $308,087,000 as of its most recent filing with the SEC.
Other large investors have also added to or reduced their stakes in the company. Toronto Dominion Bank raised its stake in Eastman Chemical Company by 74,232.3% in the third quarter. Toronto Dominion Bank now owns 604,322 shares of the basic materials company’s stock valued at $40,901,000 after buying an additional 603,509 shares during the last quarter. Quantitative Systematic Strategies LLC acquired a new stake in Eastman Chemical Company during the third quarter valued at approximately $610,000. Iberiabank Corp raised its stake in Eastman Chemical Company by 14.3% in the fourth quarter. Iberiabank Corp now owns 25,196 shares of the basic materials company’s stock valued at $1,895,000 after buying an additional 3,160 shares during the last quarter. Garrison Financial Corp raised its stake in Eastman Chemical Company by 4.1% in the third quarter. Garrison Financial Corp now owns 40,531 shares of the basic materials company’s stock valued at $2,743,000 after buying an additional 1,590 shares during the last quarter. Finally, Tocqueville Asset Management L.P. raised its stake in Eastman Chemical Company by 3.7% in the third quarter. Tocqueville Asset Management L.P. now owns 349,605 shares of the basic materials company’s stock valued at $23,661,000 after buying an additional 12,440 shares during the last quarter. 81.27% of the stock is owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Company (NYSE:EMN) traded up 1.92% during mid-day trading on Friday, hitting $79.61. The stock had a trading volume of 914,480 shares. The stock has a market cap of $11.61 billion, a P/E ratio of 13.39 and a beta of 1.36. The firm has a 50 day moving average of $79.50 and a 200-day moving average of $76.85. Eastman Chemical Company has a one year low of $62.70 and a one year high of $82.39.
Eastman Chemical Company (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.09. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical Company had a return on equity of 22.70% and a net margin of 9.61%. Equities research analysts expect that Eastman Chemical Company will post $7.45 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Thursday, June 15th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend is Tuesday, June 13th. Eastman Chemical Company’s dividend payout ratio is presently 34.99%.
A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded Eastman Chemical Company from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research note on Monday, May 1st. Instinet boosted their price objective on Eastman Chemical Company from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Wednesday, February 1st. TheStreet upgraded Eastman Chemical Company from a “c+” rating to a “b” rating in a research note on Monday, April 17th. Standpoint Research downgraded Eastman Chemical Company from a “buy” rating to a “hold” rating in a research note on Tuesday, January 24th. Finally, Barclays PLC boosted their price objective on Eastman Chemical Company from $80.00 to $85.00 and gave the company an “equal weight” rating in a research note on Monday, January 30th. Five investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Eastman Chemical Company has a consensus rating of “Buy” and a consensus target price of $82.09.
In other Eastman Chemical Company news, SVP Stephen Glenn Crawford sold 3,800 shares of the business’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $80.73, for a total transaction of $306,774.00. Following the transaction, the senior vice president now owns 8,491 shares of the company’s stock, valued at $685,478.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director David W. Raisbeck sold 4,000 shares of the business’s stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $79.18, for a total value of $316,720.00. Following the transaction, the director now directly owns 24,002 shares in the company, valued at approximately $1,900,478.36. The disclosure for this sale can be found here. Insiders sold 43,839 shares of company stock worth $3,516,492 over the last ninety days. Corporate insiders own 1.10% of the company’s stock.
Eastman Chemical Company 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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