Butensky & Cohen Financial Security Inc. boosted its position in shares of Eastman Chemical Company (NYSE:EMN) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 23,246 shares of the basic materials company’s stock after buying an additional 246 shares during the period. Eastman Chemical comprises 1.8% of Butensky & Cohen Financial Security Inc.’s investment portfolio, making the stock its 19th largest position. Butensky & Cohen Financial Security Inc.’s holdings in Eastman Chemical were worth $1,952,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Ameriprise Financial Inc. increased its stake in 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 worth $215,277,000 after buying an additional 404,626 shares during the period. Blackstone Group L.P. purchased a new stake in Eastman Chemical during the first quarter worth about $102,065,000. TD Asset Management Inc. increased its stake in Eastman Chemical by 107.6% in the first quarter. TD Asset Management Inc. now owns 535,998 shares of the basic materials company’s stock worth $43,309,000 after buying an additional 277,810 shares during the period. Engineers Gate Manager LP purchased a new stake in Eastman Chemical during the first quarter worth about $2,429,000. Finally, BlackRock Inc. increased its stake 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 buying an additional 11,161,689 shares during the period. 87.89% of the stock is owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Company (NYSE:EMN) traded down 0.12% on Friday, reaching $85.58. The company had a trading volume of 212,071 shares. The firm has a market capitalization of $12.48 billion, a PE ratio of 14.39 and a beta of 1.29. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.31. The company has a 50-day moving average price of $83.59 and a 200-day moving average price of $80.12.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.74 by $0.09. Eastman Chemical had a return on equity of 22.23% and a net margin of 9.84%. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.24 billion. Equities research analysts forecast that Eastman Chemical Company will post $7.47 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th were issued a dividend of $0.51 per share. The ex-dividend date was Tuesday, June 13th. This represents a $2.04 annualized dividend and a yield of 2.38%. Eastman Chemical’s dividend payout ratio (DPR) is currently 33.83%.
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EMN has been the subject of a number of research reports. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research report on Monday, May 1st. TheStreet downgraded Eastman Chemical from a “b” rating to a “c+” rating in a research report on Thursday, March 30th. Deutsche Bank AG reissued a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a research report on Wednesday, June 21st. BidaskClub raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $90.00 target price on shares of Eastman Chemical in a research report on Wednesday, July 5th. Five investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $86.00.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now directly owns 15,693 shares in the company, valued at $1,253,556.84. The transaction was disclosed in a filing with the SEC, which is available through this link. 1.14% of the stock is owned by company insiders.
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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