BT Investment Management Ltd bought a new stake in shares of Eastman Chemical Company (NYSE:EMN) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 35,371 shares of the basic materials company’s stock, valued at approximately $2,971,000.
A number of other large investors have also made changes to their positions in the stock. Amalgamated Bank boosted its stake in Eastman Chemical by 58.4% during the 2nd quarter. Amalgamated Bank now owns 16,400 shares of the basic materials company’s stock valued at $1,377,000 after purchasing an additional 6,045 shares during the period. BlackRock Inc. boosted its stake in Eastman Chemical by 6.3% during the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after purchasing an additional 717,506 shares during the period. Letko Brosseau & Associates Inc. boosted its stake in Eastman Chemical by 22.9% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 818,430 shares of the basic materials company’s stock valued at $68,740,000 after purchasing an additional 152,395 shares during the period. Norinchukin Bank The boosted its stake in Eastman Chemical by 6.3% during the 2nd quarter. Norinchukin Bank The now owns 10,120 shares of the basic materials company’s stock valued at $850,000 after purchasing an additional 601 shares during the period. Finally, Bridgewater Associates LP bought a new stake in Eastman Chemical during the 2nd quarter valued at approximately $2,791,000. Hedge funds and other institutional investors own 82.13% of the company’s stock.
In related news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the sale, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred 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. 1.14% of the stock is currently owned by corporate insiders.
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Shares of Eastman Chemical Company (EMN) opened at 84.96 on Monday. The firm has a 50 day moving average price of $84.54 and a 200-day moving average price of $81.87. The company has a market cap of $12.30 billion, a P/E ratio of 13.64 and a beta of 1.26. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $87.54.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the 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 for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the business earned $1.68 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. Analysts anticipate that Eastman Chemical Company will post $7.52 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s payout ratio is 32.28%.
EMN has been the subject of several recent analyst reports. Citigroup Inc. increased their target price on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Jefferies Group LLC restated a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a research note on Wednesday, July 5th. Cowen and Company restated a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $93.00 target price for the company in a research note on Thursday, June 22nd. Finally, Deutsche Bank AG restated a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research note on Thursday, May 25th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $90.90.
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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