CIBC World Markets Inc. raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 85.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 51,840 shares of the basic materials company’s stock after buying an additional 23,830 shares during the period. CIBC World Markets Inc.’s holdings in Eastman Chemical were worth $5,473,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. Advisors Preferred LLC purchased a new stake in Eastman Chemical during the fourth quarter valued at approximately $120,000. Avestar Capital LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth approximately $129,000. Icon Wealth Partners LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth approximately $138,000. Twin Tree Management LP boosted its position in shares of Eastman Chemical by 72.6% in the first quarter. Twin Tree Management LP now owns 1,310 shares of the basic materials company’s stock worth $138,000 after purchasing an additional 551 shares during the period. Finally, Tower Research Capital LLC TRC boosted its position in shares of Eastman Chemical by 567.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,521 shares of the basic materials company’s stock worth $141,000 after purchasing an additional 1,293 shares during the period. 83.84% of the stock is owned by institutional investors and hedge funds.
In other Eastman Chemical news, insider Mark K. Cox sold 13,100 shares of the stock in a transaction on Monday, May 7th. The shares were sold at an average price of $105.19, for a total transaction of $1,377,989.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Brad A. Lich sold 12,066 shares of the stock in a transaction on Wednesday, May 9th. The shares were sold at an average price of $105.75, for a total transaction of $1,275,979.50. Following the transaction, the executive vice president now owns 18,997 shares of the company’s stock, valued at approximately $2,008,932.75. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,766 shares of company stock valued at $3,560,237. 1.14% of the stock is owned by company insiders.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 26th. The basic materials company reported $2.23 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.09 by $0.14. Eastman Chemical had a net margin of 15.08% and a return on equity of 22.14%. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the business earned $1.83 earnings per share. Eastman Chemical’s revenue for the quarter was up 13.2% on a year-over-year basis. research analysts anticipate that Eastman Chemical will post 8.57 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 6th. Investors of record on Friday, June 15th will be given a dividend of $0.56 per share. The ex-dividend date is Thursday, June 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.19%. Eastman Chemical’s dividend payout ratio is 29.43%.
A number of research firms have weighed in on EMN. ValuEngine lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday. Royal Bank of Canada upped their price target on shares of Eastman Chemical to $107.00 and gave the stock a “sector perform” rating in a research report on Monday, April 30th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, May 1st. KeyCorp upped their price target on shares of Eastman Chemical from $118.00 to $122.00 and gave the stock an “overweight” rating in a research report on Monday, April 30th. Finally, Citigroup upped their price target on shares of Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a research report on Monday, April 30th. Nine analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $105.40.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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