Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Eastman Chemical Co. (NYSE:EMN) by 1.6% during the third quarter, Holdings Channel reports. The institutional investor owned 420,884 shares of the company’s stock after buying an additional 6,425 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.28% of Eastman Chemical worth $28,485,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of EMN. Financial Architects Inc boosted its stake in shares of Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock valued at $123,000 after buying an additional 1,800 shares in the last quarter. Mizuho Asset Management Co. Ltd. boosted its stake in shares of Eastman Chemical by 127.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,022 shares of the company’s stock valued at $137,000 after buying an additional 1,133 shares in the last quarter. Evercore Wealth Management LLC boosted its stake in shares of Eastman Chemical by 0.3% in the second quarter. Evercore Wealth Management LLC now owns 2,321 shares of the company’s stock valued at $158,000 after buying an additional 7 shares in the last quarter. Pacer Advisors Inc. boosted its stake in shares of Eastman Chemical by 10.9% in the second quarter. Pacer Advisors Inc. now owns 2,812 shares of the company’s stock valued at $191,000 after buying an additional 277 shares in the last quarter. Finally, Tredje AP fonden purchased a new stake in shares of Eastman Chemical during the second quarter valued at $196,000. 81.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Co. (NYSE:EMN) opened at 77.19 on Thursday. The company has a market cap of $11.33 billion, a P/E ratio of 13.34 and a beta of 1.51. Eastman Chemical Co. has a 12 month low of $56.03 and a 12 month high of $79.23. The stock’s 50 day moving average is $76.51 and its 200 day moving average is $70.27.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 27th. The company reported $1.86 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.67 by $0.19. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.30 billion. Eastman Chemical had a net margin of 9.53% and a return on equity of 23.59%. The firm’s revenue was down 6.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.84 EPS. On average, analysts anticipate that Eastman Chemical Co. will post $6.74 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th were issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.64%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.46. The ex-dividend date of this dividend was Tuesday, December 13th. Eastman Chemical’s payout ratio is presently 35.23%.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, November 30th. Cowen and Company reiterated an “outperform” rating and set a $88.00 target price (up from $80.00) on shares of Eastman Chemical in a research report on Friday, December 23rd. Jefferies Group reiterated a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a research report on Monday, November 7th. RBC Capital Markets reiterated a “hold” rating and set a $74.00 target price on shares of Eastman Chemical in a research report on Wednesday, January 4th. Finally, Royal Bank Of Canada upped their target price on shares of Eastman Chemical from $70.00 to $75.00 and gave the stock a “sector perform” rating in a research report on Monday, October 31st. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and ten have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $78.64.
In other Eastman Chemical news, Director Stephen R. Demeritt sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, December 5th. The shares were sold at an average price of $75.81, for a total transaction of $303,240.00. Following the sale, the director now directly owns 17,732 shares of the company’s stock, valued at approximately $1,344,262.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.10% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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