Meyer Handelman Co. continued to hold its position in Eastman Chemical Company (NYSE:EMN) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 8,000 shares of the basic materials company’s stock at the end of the second quarter. Meyer Handelman Co.’s holdings in Eastman Chemical were worth $672,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the company. Raymond James Trust N.A. boosted its stake in shares of Eastman Chemical by 13.7% in the first quarter. Raymond James Trust N.A. now owns 26,975 shares of the basic materials company’s stock valued at $2,179,000 after buying an additional 3,249 shares in the last quarter. Contravisory Investment Management Inc. bought a new stake in shares of Eastman Chemical during the first quarter valued at $262,000. Denali Advisors LLC boosted its stake in shares of Eastman Chemical by 42.3% in the first quarter. Denali Advisors LLC now owns 30,600 shares of the basic materials company’s stock valued at $2,472,000 after buying an additional 9,100 shares in the last quarter. CENTRAL TRUST Co boosted its stake in shares of Eastman Chemical by 43.2% in the first quarter. CENTRAL TRUST Co now owns 2,983 shares of the basic materials company’s stock valued at $241,000 after buying an additional 900 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. boosted its stake in shares of Eastman Chemical by 2.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 127,714 shares of the basic materials company’s stock valued at $10,319,000 after buying an additional 3,515 shares in the last quarter. Hedge funds and other institutional investors own 88.53% of the company’s stock.
Shares of Eastman Chemical Company (NYSE:EMN) traded down 2.93% during mid-day trading on Thursday, reaching $82.77. The company’s stock had a trading volume of 1,426,701 shares. The firm has a market cap of $11.99 billion, a PE ratio of 13.28 and a beta of 1.28. The firm’s 50 day moving average is $84.48 and its 200 day moving average is $81.05. Eastman Chemical Company has a one year low of $62.70 and a one year high of $86.60.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The business’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.68 earnings per share. On average, equities analysts anticipate that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s payout ratio is presently 32.28%.
Several equities research analysts recently weighed in on EMN shares. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a report on Monday, May 1st. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical in a report on Wednesday, June 21st. BidaskClub upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Jefferies Group LLC reiterated a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical in a report on Wednesday, July 5th. Finally, Cowen and Company reissued a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a research report on Friday, July 14th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Eastman Chemical has a consensus rating of “Hold” and a consensus price target of $89.89.
In other news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now directly owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The sale 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 the company’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. 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.
Receive News & Ratings for Eastman Chemical Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical Company and related companies with MarketBeat.com's FREE daily email newsletter.
