Municipal Employees Retirement System of Michigan increased its position in shares of Eastman Chemical Company (NYSE:EMN) by 8.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,130 shares of the basic materials company’s stock after buying an additional 1,070 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Eastman Chemical were worth $1,103,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. DnB Asset Management AS raised its position in shares of Eastman Chemical by 19.2% in the first quarter. DnB Asset Management AS now owns 18,036 shares of the basic materials company’s stock worth $1,457,000 after buying an additional 2,900 shares during the last quarter. Howe & Rusling Inc. raised its position in shares of Eastman Chemical by 1.0% in the first quarter. Howe & Rusling Inc. now owns 20,992 shares of the basic materials company’s stock worth $1,696,000 after buying an additional 207 shares during the last quarter. Americafirst Capital Management LLC raised its position in shares of Eastman Chemical by 131.4% in the first quarter. Americafirst Capital Management LLC now owns 9,396 shares of the basic materials company’s stock worth $759,000 after buying an additional 5,335 shares during the last quarter. Doyle Wealth Management bought a new position in shares of Eastman Chemical during the first quarter worth $395,000. Finally, Atria Investments LLC raised its position in shares of Eastman Chemical by 21.1% in the first quarter. Atria Investments LLC now owns 8,176 shares of the basic materials company’s stock worth $661,000 after buying an additional 1,427 shares during the last quarter. 88.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Company (EMN) opened at 83.25 on Friday. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60. The company has a market cap of $12.06 billion, a price-to-earnings ratio of 13.36 and a beta of 1.28. The stock has a 50 day moving average of $84.40 and a 200-day moving average of $80.85.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm posted $1.68 EPS. Eastman Chemical’s revenue was up 5.3% compared to the same quarter last year. On average, analysts forecast that Eastman Chemical Company will post $7.51 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s payout ratio is currently 32.28%.
A number of brokerages have weighed in on EMN. Cowen and Company reaffirmed a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Wednesday, June 21st. BidaskClub lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Citigroup Inc. lifted their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $89.89.
In related news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction on Wednesday, May 31st. The shares were 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 of the company’s stock, valued at approximately $1,253,556.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
Eastman Chemical 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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