LSV Asset Management lifted its stake in shares of Eastman Chemical Company (NYSE:EMN) by 4.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,973,068 shares of the basic materials company’s stock after purchasing an additional 160,101 shares during the period. LSV Asset Management owned about 2.74% of Eastman Chemical worth $333,697,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of EMN. BlackRock Inc. lifted its holdings in 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 worth $926,666,000 after acquiring an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. bought a new stake in shares of Eastman Chemical during the first quarter valued at approximately $102,065,000. Contravisory Investment Management Inc. raised its holdings in shares of Eastman Chemical by 1.6% during the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock valued at $277,000 after buying an additional 52 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Eastman Chemical by 17.9% during 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 during the last quarter. Finally, Exane Derivatives raised its holdings in shares of Eastman Chemical by 569,000.0% during the second quarter. Exane Derivatives now owns 28,455 shares of the basic materials company’s stock valued at $2,389,000 after buying an additional 28,450 shares during the last quarter. 82.13% of the stock is currently owned by institutional investors and hedge funds.
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In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the transaction, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.
Eastman Chemical Company (NYSE:EMN) traded down 0.96% on Wednesday, hitting $85.37. 153,448 shares of the stock traded hands. The stock has a market cap of $12.36 billion, a price-to-earnings ratio of 13.70 and a beta of 1.26. Eastman Chemical Company has a 52 week low of $62.70 and a 52 week high of $87.54. The firm’s 50 day moving average is $84.55 and its 200 day moving average is $81.74.
Eastman Chemical (NYSE:EMN) last posted its 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. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the company posted $1.68 EPS. Eastman Chemical’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities analysts anticipate that Eastman Chemical Company will post $7.52 earnings per share 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 dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.37%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is 32.28%.
Several research firms have issued reports on EMN. Citigroup Inc. lifted their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th. Jefferies Group LLC reiterated a “buy” rating and set a $90.00 price objective on shares of Eastman Chemical in a research report on Wednesday, July 5th. Cowen and Company reiterated a “buy” rating and set a $88.00 price objective on shares of Eastman Chemical in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $93.00 price objective on the stock in a research report on Thursday, June 22nd. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a research report on Thursday, May 25th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Eastman Chemical currently has a consensus rating of “Buy” and an average target price of $90.90.
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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