Eastman Chemical Company (EMN) Shares Bought by Washington Trust Bank

Washington Trust Bank raised its stake in shares of Eastman Chemical Company (NYSE:EMN) by 2.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,859 shares of the basic materials company’s stock after buying an additional 364 shares during the period. Washington Trust Bank’s holdings in Eastman Chemical were worth $1,584,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the stock. Harbour Capital Advisors LLC acquired a new stake in shares of Eastman Chemical during the first quarter valued at about $100,000. FTB Advisors Inc. raised its stake in shares of Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares in the last quarter. Whittier Trust Co. raised its stake in shares of Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares in the last quarter. Pathstone Family Office LLC acquired a new stake in shares of Eastman Chemical during the first quarter valued at about $158,000. Finally, Argent Trust Co acquired a new stake in shares of Eastman Chemical during the first quarter valued at about $209,000. 87.89% of the stock is owned by hedge funds and other institutional investors.

Shares of Eastman Chemical Company (EMN) traded down 0.04% on Friday, reaching $85.65. The company’s stock had a trading volume of 610,134 shares. The company has a market capitalization of $12.49 billion, a price-to-earnings ratio of 14.40 and a beta of 1.29. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $86.31. The company’s 50-day moving average is $83.59 and its 200 day moving average is $80.12.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 27th. The basic materials company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Eastman Chemical had a return on equity of 22.23% and a net margin of 9.84%. Equities analysts anticipate that Eastman Chemical Company will post $7.47 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th were given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.38%. The ex-dividend date was Tuesday, June 13th. Eastman Chemical’s payout ratio is 33.83%.

EMN has been the subject of several research analyst reports. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a research report on Monday, April 17th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research report on Monday, May 1st. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research report on Thursday, May 25th. Citigroup Inc. reaffirmed a “buy” rating and set a $81.00 target price (up from $79.00) on shares of Eastman Chemical in a research report on Friday, April 14th. Finally, BidaskClub raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $86.00.

In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the sale, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 1.14% of the company’s stock.

About Eastman Chemical

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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