Fiduciary Trust Co. purchased a new stake in Eastman Chemical Company (NYSE:EMN) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,903 shares of the basic materials company’s stock, valued at approximately $160,000.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Eastman Chemical by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after acquiring an additional 557,858 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Eastman Chemical by 3,636.5% in the 1st quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after acquiring an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. bought a new position in shares of Eastman Chemical in the 1st quarter valued at $102,065,000. State Street Corp lifted its stake in shares of Eastman Chemical by 3.6% in the 1st quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock valued at $591,539,000 after acquiring an additional 257,030 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Eastman Chemical by 17.9% in the 1st quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock valued at $215,277,000 after acquiring an additional 404,626 shares during the last quarter. Institutional investors own 82.13% of the company’s stock.
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Eastman Chemical Company (EMN) opened at 86.20 on Wednesday. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $87.54. The company has a market capitalization of $12.48 billion, a price-to-earnings ratio of 13.83 and a beta of 1.26. The company’s 50-day moving average price is $84.55 and its 200 day moving average price is $81.74.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company’s revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.68 earnings per share. Analysts forecast that Eastman Chemical Company will post $7.52 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.37%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the transaction, the director now directly owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
EMN has been the subject of a number of research reports. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Thursday, May 25th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $87.00 price target for the company in a research note on Monday, May 22nd. Jefferies Group LLC reiterated a “buy” rating and issued a $90.00 price target on shares of Eastman Chemical in a research note on Friday, June 16th. BidaskClub upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Finally, UBS AG reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $90.90.
Eastman Chemical 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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