Private Advisor Group LLC increased its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 106.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,697 shares of the basic materials company’s stock after purchasing an additional 4,490 shares during the quarter. Private Advisor Group LLC’s holdings in Eastman Chemical were worth $783,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Janus Henderson Group PLC lifted its holdings in shares of Eastman Chemical by 38.6% during the second quarter. Janus Henderson Group PLC now owns 25,832 shares of the basic materials company’s stock valued at $2,170,000 after purchasing an additional 7,199 shares in the last quarter. Laurion Capital Management LP lifted its holdings in Eastman Chemical by 689.5% in the second quarter. Laurion Capital Management LP now owns 87,034 shares of the basic materials company’s stock valued at $7,310,000 after acquiring an additional 76,010 shares during the period. Prudential Financial Inc. lifted its holdings in Eastman Chemical by 3.0% in the second quarter. Prudential Financial Inc. now owns 561,295 shares of the basic materials company’s stock valued at $47,143,000 after acquiring an additional 16,260 shares during the period. Personal Capital Advisors Corp lifted its holdings in Eastman Chemical by 3.1% in the third quarter. Personal Capital Advisors Corp now owns 221,806 shares of the basic materials company’s stock valued at $20,071,000 after acquiring an additional 6,675 shares during the period. Finally, Mark Sheptoff Financial Planning LLC lifted its holdings in Eastman Chemical by 4.5% in the second quarter. Mark Sheptoff Financial Planning LLC now owns 4,650 shares of the basic materials company’s stock valued at $391,000 after acquiring an additional 199 shares during the period. 82.66% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Company (EMN) opened at $92.18 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94. The company has a market capitalization of $13,249.40, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.57 and a beta of 1.31. Eastman Chemical Company has a 1 year low of $74.78 and a 1 year high of $94.96.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.16. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.86 earnings per share. sell-side analysts expect that Eastman Chemical Company will post 7.13 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Monday, December 18th will be given a $0.56 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, December 15th. This represents a $2.24 dividend on an annualized basis and a yield of 2.43%. Eastman Chemical’s dividend payout ratio is presently 29.23%.
A number of research analysts have weighed in on the company. Jefferies Group reissued a “buy” rating and issued a $96.00 target price on shares of Eastman Chemical in a report on Tuesday, October 3rd. Nomura downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 target price on the stock. in a report on Tuesday, October 10th. Wells Fargo & Company reissued an “outperform” rating and issued a $102.00 target price (up previously from $94.00) on shares of Eastman Chemical in a report on Monday, October 30th. They noted that the move was a valuation call. Cowen reissued an “outperform” rating and issued a $106.00 target price (up previously from $92.00) on shares of Eastman Chemical in a report on Friday. Finally, Goldman Sachs Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and increased their target price for the company from $81.00 to $101.00 in a report on Thursday, September 28th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $96.93.
In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of the company’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 1.14% of the company’s stock.
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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