TIAA CREF Investment Management LLC decreased its stake in shares of Eastman Chemical Company (NYSE:EMN) by 11.5% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 341,357 shares of the basic materials company’s stock after selling 44,332 shares during the period. TIAA CREF Investment Management LLC owned 0.24% of Eastman Chemical worth $28,671,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Harbour Capital Advisors LLC acquired a new position in Eastman Chemical during the 1st quarter valued at about $100,000. Advisors Asset Management Inc. lifted its position in Eastman Chemical by 149.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after purchasing an additional 826 shares during the period. Pathstone Family Office LLC acquired a new position in Eastman Chemical during the 1st quarter valued at about $158,000. Fiduciary Trust Co. acquired a new position in Eastman Chemical during the 2nd quarter valued at about $160,000. Finally, Tower Bridge Advisors acquired a new position in Eastman Chemical during the 2nd quarter valued at about $207,000. Institutional investors and hedge funds own 82.13% of the company’s stock.
A number of research analysts have issued reports on EMN shares. Deutsche Bank AG restated a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research report on Wednesday, June 21st. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, May 29th. BidaskClub upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Jefferies Group LLC restated a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a research report on Wednesday, July 5th. Finally, KeyCorp restated a “buy” rating and set a $100.00 target price on shares of Eastman Chemical in a research report on Thursday, August 24th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $90.90.
In other Eastman Chemical news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $1,845,470.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The shares were 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 currently owned by insiders.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 86.48 on Friday. The company’s 50-day moving average price is $84.71 and its 200-day moving average price is $81.98. The company has a market capitalization of $12.52 billion, a PE ratio of 13.88 and a beta of 1.26. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $87.54.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the previous year, the firm earned $1.68 earnings per share. On average, equities analysts expect that Eastman Chemical Company will post $7.52 earnings per share for the current fiscal year.
The firm also recently declared 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. This represents a $2.04 annualized dividend and a yield of 2.36%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
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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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