Cigna Investments Inc. New cut its stake in shares of Eastman Chemical Company (NYSE:EMN) by 7.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 5,675 shares of the basic materials company’s stock after selling 467 shares during the period. Cigna Investments Inc. New’s holdings in Eastman Chemical were worth $480,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. Personal Capital Advisors Corp boosted its position in shares of Eastman Chemical by 9.3% in the first quarter. Personal Capital Advisors Corp now owns 363,507 shares of the basic materials company’s stock worth $29,248,000 after buying an additional 30,918 shares during the period. Mn Services Vermogensbeheer B.V. boosted its position in shares of Eastman Chemical by 2.7% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,914 shares of the basic materials company’s stock worth $296,000 after buying an additional 104 shares during the period. Candriam Luxembourg S.C.A. boosted its position in shares of Eastman Chemical by 36.1% in the first quarter. Candriam Luxembourg S.C.A. now owns 12,329 shares of the basic materials company’s stock worth $996,000 after buying an additional 3,270 shares during the period. James Investment Research Inc. boosted its position in shares of Eastman Chemical by 1,771.7% in the first quarter. James Investment Research Inc. now owns 3,968 shares of the basic materials company’s stock worth $321,000 after buying an additional 3,756 shares during the period. Finally, Retirement Systems of Alabama boosted its position in shares of Eastman Chemical by 81.3% in the first quarter. Retirement Systems of Alabama now owns 129,826 shares of the basic materials company’s stock worth $10,490,000 after buying an additional 58,237 shares during the period. Institutional investors and hedge funds own 88.53% of the company’s stock.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 85.27 on Thursday. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.60. The firm has a market cap of $12.35 billion, a price-to-earnings ratio of 13.68 and a beta of 1.28. The stock’s 50 day moving average price is $84.52 and its 200-day moving average price is $81.03.
Eastman Chemical (NYSE:EMN) last announced 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 analyst estimates of $2.35 billion. During the same quarter in the prior year, the company earned $1.68 EPS. The firm’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, analysts forecast that Eastman Chemical Company will post $7.51 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given 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 2.39%. Eastman Chemical’s payout ratio is 32.28%.
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A number of brokerages have issued reports on EMN. UBS AG restated a “buy” rating and set 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 cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, August 2nd. Cowen and Company raised their target price on Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Royal Bank Of Canada restated a “hold” rating and set a $85.00 target price on shares of Eastman Chemical in a report on Monday, June 5th. Finally, BidaskClub cut 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 five have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $89.89.
In related news, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total value of $319,520.00. Following the sale, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The disclosure for this sale can be found here. 1.14% of the stock is owned by corporate 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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