Shell Asset Management Co. maintained its position in Eastman Chemical Company (NYSE:EMN) during the second quarter, Holdings Channel reports. The fund owned 10,767 shares of the basic materials company’s stock at the end of the second quarter. Shell Asset Management Co.’s holdings in Eastman Chemical were worth $904,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in EMN. Harbour Capital Advisors LLC bought a new position in Eastman Chemical during the first quarter valued at approximately $100,000. FTB Advisors Inc. increased its position in Eastman Chemical 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 position in Eastman Chemical 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. Pathstone Family Office LLC bought a new position in Eastman Chemical during the first quarter valued at approximately $158,000. Finally, Argent Trust Co bought a new position in Eastman Chemical during the first quarter valued at approximately $209,000. 88.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 84.26 on Thursday. The stock has a market cap of $12.21 billion, a P/E ratio of 13.52 and a beta of 1.28. The company’s 50-day moving average is $84.40 and its 200-day moving average is $80.83. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $86.60.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping 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 business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the firm earned $1.68 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. Equities analysts expect that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.42%. Eastman Chemical’s dividend payout ratio is presently 32.28%.
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Several research firms have recently commented on EMN. UBS AG reissued a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Cowen and Company boosted their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday. Royal Bank Of Canada reissued a “hold” rating and issued a $85.00 target price on shares of Eastman Chemical in a report on Monday, June 5th. Finally, BidaskClub downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $89.89.
In other news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction on 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 owns 15,693 shares in the company, valued at approximately $1,253,556.84. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The stock was 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 owned by insiders.
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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