People s United Financial Inc. maintained its stake in Eastman Chemical Company (NYSE:EMN) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,343 shares of the basic materials company’s stock at the close of the second quarter. People s United Financial Inc.’s holdings in Eastman Chemical were worth $365,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds also recently made changes to their positions in EMN. BlackRock Inc. lifted 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 valued at $926,666,000 after buying an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. bought a new position in Eastman Chemical in the first quarter valued at approximately $102,065,000. Vanguard Group Inc. lifted its stake in Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares in the last quarter. Parametric Portfolio Associates LLC lifted its stake in Eastman Chemical by 249.2% in the second quarter. Parametric Portfolio Associates LLC now owns 759,967 shares of the basic materials company’s stock valued at $63,830,000 after buying an additional 542,349 shares in the last quarter. Finally, AQR Capital Management LLC lifted its stake in Eastman Chemical by 18.7% in the first quarter. AQR Capital Management LLC now owns 2,315,608 shares of the basic materials company’s stock valued at $187,102,000 after buying an additional 365,467 shares in the last quarter. 82.13% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have weighed in on the stock. Jefferies Group LLC reaffirmed a “buy” rating and issued a $96.00 price target on shares of Eastman Chemical in a research note on Tuesday, October 3rd. KeyCorp reaffirmed a “buy” rating and issued a $100.00 price target on shares of Eastman Chemical in a research note on Wednesday. Goldman Sachs Group, Inc. (The) raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price target for the company from $81.00 to $101.00 in a research note on Thursday, September 28th. Cowen and Company reaffirmed a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a research note on Friday, July 14th. Finally, Deutsche Bank AG reaffirmed a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Wednesday, June 21st. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $92.36.
Shares of Eastman Chemical Company (NYSE EMN) opened at 91.00 on Friday. The company has a market cap of $13.18 billion, a price-to-earnings ratio of 14.60 and a beta of 1.27. The stock has a 50 day moving average of $86.50 and a 200-day moving average of $82.89. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $91.39.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (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 company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the business earned $1.68 EPS. Eastman Chemical’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 company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.24%. The ex-dividend date of this dividend was Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 32.28%.
In related news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the transaction, the director now directly owns 21,858 shares in the company, valued at approximately $1,845,470.94. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the 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 company insiders.
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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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