Eaton Vance Management continued to hold its stake in shares of Eastman Chemical Company (NYSE:EMN) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 28,371 shares of the basic materials company’s stock at the end of the second quarter. Eaton Vance Management’s holdings in Eastman Chemical were worth $2,383,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in EMN. Spot Trading L.L.C. boosted its stake in Eastman Chemical by 122.8% during the first quarter. Spot Trading L.L.C. now owns 9,367 shares of the basic materials company’s stock valued at $757,000 after buying an additional 50,467 shares in the last quarter. Boston Partners bought a new position in Eastman Chemical during the first quarter valued at about $606,000. UBS Asset Management Americas Inc. boosted its stake in Eastman Chemical by 10.5% during the first quarter. UBS Asset Management Americas Inc. now owns 438,572 shares of the basic materials company’s stock valued at $35,437,000 after buying an additional 41,786 shares in the last quarter. Sei Investments Co. boosted its stake in Eastman Chemical by 20.8% during the first quarter. Sei Investments Co. now owns 28,376 shares of the basic materials company’s stock valued at $2,293,000 after buying an additional 4,882 shares in the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its stake in Eastman Chemical by 29.2% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 10,866 shares of the basic materials company’s stock valued at $878,000 after buying an additional 2,454 shares in the last quarter. 82.13% of the stock is owned by institutional investors and hedge funds.
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Shares of Eastman Chemical Company (NYSE EMN) opened at 85.41 on Tuesday. The stock’s 50 day moving average price is $84.61 and its 200 day moving average price is $81.93. The stock has a market capitalization of $12.37 billion, a P/E ratio of 13.71 and a beta of 1.26. Eastman Chemical Company has a one year low of $62.70 and a one year high of $87.54.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm earned $1.68 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts forecast that Eastman Chemical Company will post $7.52 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a $0.51 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 2.39%. Eastman Chemical’s payout ratio is 32.28%.
Several research analysts recently weighed in on the company. UBS AG reaffirmed a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Citigroup Inc. raised their target price on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. Cowen and Company raised their target price on Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $85.00 target price on shares of Eastman Chemical in a research note on Monday, June 5th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $90.90.
In other news, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the sale, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by 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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