L & S Advisors Inc bought a new stake in shares of Eastman Chemical Company (NYSE:EMN) during the first quarter, according to its most recent 13F filing with the SEC. The firm bought 38,587 shares of the basic materials company’s stock, valued at approximately $3,118,000.
A number of other hedge funds also recently bought and sold shares of EMN. FTB Advisors Inc. increased its stake in Eastman Chemical Company by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares during the period. Whittier Trust Co. increased its stake in Eastman Chemical Company by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares during the period. Loomis Sayles & Co. L P bought a new stake in Eastman Chemical Company during the fourth quarter valued at $166,000. Argent Trust Co bought a new stake in Eastman Chemical Company during the first quarter valued at $209,000. Finally, Pacer Advisors Inc. increased its stake in Eastman Chemical Company by 3.2% in the first quarter. Pacer Advisors Inc. now owns 2,868 shares of the basic materials company’s stock valued at $232,000 after buying an additional 88 shares during the period. Hedge funds and other institutional investors own 88.55% of the company’s stock.
Eastman Chemical Company (NYSE:EMN) traded up 3.26% during midday trading on Monday, hitting $85.76. 1,092,015 shares of the stock traded hands. Eastman Chemical Company has a one year low of $62.70 and a one year high of $86.28. The company’s 50-day moving average is $80.00 and its 200-day moving average is $78.70. The company has a market cap of $12.51 billion, a PE ratio of 14.42 and a beta of 1.32.
Eastman Chemical Company (NYSE:EMN) last released its quarterly earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.09. The business had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical Company had a net margin of 9.84% and a return on equity of 22.23%. Equities research analysts expect that Eastman Chemical Company will post $7.47 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Thursday, June 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date is Tuesday, June 13th. Eastman Chemical Company’s payout ratio is 33.83%.
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Several equities analysts have commented on EMN shares. Royal Bank Of Canada reissued a “hold” rating and issued a $85.00 price target on shares of Eastman Chemical Company in a research report on Monday, June 5th. Citigroup Inc. reissued a “buy” rating and issued a $81.00 price target (up previously from $79.00) on shares of Eastman Chemical Company in a research report on Friday, April 14th. Zacks Investment Research raised shares of Eastman Chemical Company from a “hold” rating to a “buy” rating and set a $90.00 price target for the company in a research report on Wednesday, June 7th. Jefferies Group LLC reissued a “buy” rating and issued a $90.00 price target on shares of Eastman Chemical Company in a research report on Friday. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical Company in a research report on Thursday, May 25th. Four equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $84.45.
In related news, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the completion of the sale, the director now directly owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 1.14% of the stock is currently owned by company insiders.
About Eastman Chemical Company
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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