Pictet Asset Management Ltd. lowered its stake in Eastman Chemical Company (NYSE:EMN) by 0.7% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 82,282 shares of the basic materials company’s stock after selling 600 shares during the period. Pictet Asset Management Ltd. owned 0.06% of Eastman Chemical worth $6,592,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of EMN. BlackRock Inc. increased its stake in shares of Eastman Chemical by 3,636.5% in the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after buying an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. bought a new stake in shares of Eastman Chemical during the first quarter valued at $102,065,000. Vanguard Group Inc. increased its stake in shares of Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Eastman Chemical by 17.9% in the first quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock valued at $215,277,000 after buying an additional 404,626 shares in the last quarter. Finally, OppenheimerFunds Inc. increased its stake in shares of Eastman Chemical by 20.0% in the first quarter. OppenheimerFunds Inc. now owns 2,402,230 shares of the basic materials company’s stock valued at $194,100,000 after buying an additional 400,941 shares in the last quarter. 88.53% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical Company (NYSE:EMN) opened at 85.27 on Thursday. The firm has a 50-day moving average price of $84.52 and a 200 day moving average price of $81.03. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.60. The stock has a market cap of $12.35 billion, a PE ratio of 13.68 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the firm posted $1.68 EPS. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Equities analysts anticipate that Eastman Chemical Company will post $7.51 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 2.39%. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
EMN has been the subject of several recent research reports. Citigroup Inc. increased their price target on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. Cowen and Company reaffirmed a “buy” rating and set a $88.00 price target on shares of Eastman Chemical in a report on Friday, July 14th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a report on Wednesday, June 7th. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a report on Thursday, May 25th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and set a $90.00 price target on shares of Eastman Chemical in a report on Wednesday, July 5th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Eastman Chemical currently has an average rating of “Hold” and a consensus price target of $89.89.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the business’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 completion of the transaction, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was 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. 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.
