Dalton Greiner Hartman Maher & Co. lessened its stake in Eastman Chemical (NYSE:EMN) by 10.0% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 214,320 shares of the basic materials company’s stock after selling 23,819 shares during the period. Dalton Greiner Hartman Maher & Co. owned 0.15% of Eastman Chemical worth $19,855,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of the stock. Steward Partners Investment Advisory LLC purchased a new stake in Eastman Chemical in the 3rd quarter valued at approximately $113,000. Acrospire Investment Management LLC boosted its stake in shares of Eastman Chemical by 1,500.0% during the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 1,500 shares in the last quarter. Psagot Investment House Ltd. boosted its stake in shares of Eastman Chemical by 60.0% during the 3rd quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock worth $145,000 after acquiring an additional 600 shares in the last quarter. M&R Capital Management Inc. boosted its stake in shares of Eastman Chemical by 62.9% during the 2nd quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after acquiring an additional 700 shares in the last quarter. Finally, Fiduciary Trust Co. purchased a new stake in shares of Eastman Chemical during the 2nd quarter worth approximately $160,000. Hedge funds and other institutional investors own 82.74% of the company’s stock.
Shares of Eastman Chemical (NYSE EMN) traded down $0.62 during trading on Wednesday, reaching $96.81. 1,118,700 shares of the company were exchanged, compared to its average volume of 1,032,820. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24. Eastman Chemical has a 12-month low of $74.78 and a 12-month high of $98.24. The stock has a market cap of $14,004.04, a PE ratio of 13.87, a price-to-earnings-growth ratio of 1.44 and a beta of 1.31.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.16. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.86 EPS. analysts predict that Eastman Chemical will post 7.12 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Monday, December 18th were given a $0.56 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.51. This represents a $2.24 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Friday, December 15th. Eastman Chemical’s dividend payout ratio is presently 32.09%.
In other news, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.14% of the company’s stock.
EMN has been the subject of several research reports. Goldman Sachs Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $81.00 to $101.00 in a research report on Thursday, September 28th. Jefferies Group restated a “buy” rating and set a $96.00 price objective on shares of Eastman Chemical in a research report on Tuesday, October 3rd. KeyCorp restated a “buy” rating and set a $100.00 price objective on shares of Eastman Chemical in a research report on Wednesday, October 4th. Nomura downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target for the company. in a report on Tuesday, October 10th. Finally, Deutsche Bank boosted their price target on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday, October 10th. Ten investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $98.60.
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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