Emerald Acquisition Ltd. reduced its position in shares of Eastman Chemical Company (NYSE:EMN) by 7.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 76,317 shares of the company’s stock after selling 5,827 shares during the period. Emerald Acquisition Ltd. owned approximately 0.05% of Eastman Chemical Company worth $5,164,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Shell Asset Management Co. increased its position in Eastman Chemical Company by 19.8% in the second quarter. Shell Asset Management Co. now owns 16,838 shares of the company’s stock worth $1,143,000 after buying an additional 2,782 shares in the last quarter. Bank of Montreal Can purchased a new position in Eastman Chemical Company during the second quarter worth $5,213,000. Strs Ohio increased its position in Eastman Chemical Company by 69.8% in the second quarter. Strs Ohio now owns 10,556 shares of the company’s stock worth $716,000 after buying an additional 4,338 shares in the last quarter. Candriam Luxembourg S.C.A. purchased a new position in Eastman Chemical Company during the second quarter worth $525,000. Finally, American Century Companies Inc. increased its position in Eastman Chemical Company by 2.4% in the second quarter. American Century Companies Inc. now owns 255,346 shares of the company’s stock worth $17,338,000 after buying an additional 6,018 shares in the last quarter. 82.43% of the stock is currently owned by institutional investors.
Shares of Eastman Chemical Company (NYSE:EMN) traded down 3.23% during trading on Friday, hitting $77.70. The stock had a trading volume of 3,752,275 shares. The firm’s 50-day moving average is $76.98 and its 200 day moving average is $70.77. Eastman Chemical Company has a 52-week low of $57.00 and a 52-week high of $80.48. The firm has a market cap of $11.38 billion, a price-to-earnings ratio of 13.30 and a beta of 1.51.
Eastman Chemical Company (NYSE:EMN) last issued its quarterly earnings data on Thursday, January 26th. The company reported $1.51 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.02. The business earned $2.19 billion during the quarter, compared to analysts’ expectations of $2.14 billion. Eastman Chemical Company had a return on equity of 22.70% and a net margin of 9.61%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.59 EPS. On average, analysts expect that Eastman Chemical Company will post $7.29 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Stockholders of record on Thursday, December 15th were issued a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.63%. The ex-dividend date was Tuesday, December 13th. This is a boost from Eastman Chemical Company’s previous quarterly dividend of $0.46. Eastman Chemical Company’s payout ratio is 34.99%.
A number of research analysts have weighed in on EMN shares. Jefferies Group LLC reissued a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical Company in a report on Monday, October 3rd. Zacks Investment Research downgraded Eastman Chemical Company from a “buy” rating to a “hold” rating in a report on Thursday, October 13th. Royal Bank Of Canada increased their target price on Eastman Chemical Company from $70.00 to $75.00 and gave the company a “sector perform” rating in a report on Monday, October 31st. RBC Capital Markets reaffirmed a “sector perform” rating and issued a $75.00 price objective (up previously from $70.00) on shares of Eastman Chemical Company in a research note on Monday, October 31st. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $80.00 price objective on shares of Eastman Chemical Company in a research note on Monday, October 31st. One research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $78.64.
In related news, Director Stephen R. Demeritt sold 4,000 shares of the company’s stock in a transaction dated Monday, December 5th. The stock was sold at an average price of $75.81, for a total value of $303,240.00. Following the completion of the transaction, the director now 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 accessible through the SEC website. Insiders own 1.10% of the company’s stock.
About Eastman Chemical Company
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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