Manning & Napier Advisors LLC bought a new position in shares of Eastman Chemical Company (NYSE:EMN) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 30,315 shares of the basic materials company’s stock, valued at approximately $2,545,000.
Other institutional investors have also made changes to their positions in the company. Butensky & Cohen Financial Security Inc. raised its position in shares of Eastman Chemical by 1.1% in the second quarter. Butensky & Cohen Financial Security Inc. now owns 23,246 shares of the basic materials company’s stock worth $1,952,000 after buying an additional 246 shares during the last quarter. Kessler Investment Group LLC raised its stake in Eastman Chemical by 6.7% in the second quarter. Kessler Investment Group LLC now owns 38,968 shares of the basic materials company’s stock valued at $3,273,000 after buying an additional 2,444 shares in the last quarter. Aperio Group LLC raised its stake in Eastman Chemical by 14.2% in the second quarter. Aperio Group LLC now owns 87,909 shares of the basic materials company’s stock valued at $7,383,000 after buying an additional 10,905 shares in the last quarter. Alpha Windward LLC purchased a new stake in Eastman Chemical during the second quarter valued at about $479,000. Finally, LS Investment Advisors LLC raised its stake in Eastman Chemical by 8.1% in the second quarter. LS Investment Advisors LLC now owns 4,422 shares of the basic materials company’s stock valued at $371,000 after buying an additional 330 shares in the last quarter. 88.14% of the stock is currently owned by institutional investors.
Shares of Eastman Chemical Company (EMN) traded up 0.18% during midday trading on Friday, reaching $84.07. The company had a trading volume of 1,366,200 shares. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.60. The firm has a market cap of $12.18 billion, a P/E ratio of 13.49 and a beta of 1.28. The company’s 50-day moving average is $84.35 and its 200-day moving average is $80.56.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.87% and a net margin of 10.11%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm earned $1.68 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities research analysts expect that Eastman Chemical Company will post $7.50 EPS for the current fiscal year.
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Several equities research analysts recently issued reports on EMN shares. BidaskClub lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Royal Bank Of Canada restated a “hold” rating and set a $85.00 price objective on shares of Eastman Chemical in a research note on Monday, June 5th. Citigroup Inc. restated a “buy” rating and set a $81.00 price objective (up from $79.00) on shares of Eastman Chemical in a research note on Friday, April 14th. Finally, Jefferies Group LLC restated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $89.44.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the business’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 transaction, the director now directly owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.14% of the stock is currently owned by insiders.
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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