Meadow Creek Investment Management LLC increased its holdings in shares of Eastman Chemical (NYSE:EMN) by 3.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,676 shares of the basic materials company’s stock after buying an additional 2,992 shares during the period. Meadow Creek Investment Management LLC owned about 0.07% of Eastman Chemical worth $8,863,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in the company. Steward Partners Investment Advisory LLC acquired a new position in Eastman Chemical in the 3rd quarter valued at $113,000. Balter Liquid Alternatives LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $115,000. Advisors Preferred LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $120,000. NuWave Investment Management LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $123,000. Finally, Vigilant Capital Management LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $126,000. Hedge funds and other institutional investors own 85.59% of the company’s stock.
Shares of Eastman Chemical (NYSE EMN) opened at $109.35 on Wednesday. Eastman Chemical has a 52 week low of $76.02 and a 52 week high of $112.45. The stock has a market capitalization of $15,846.43, a price-to-earnings ratio of 10.81, a price-to-earnings-growth ratio of 1.46 and a beta of 1.25. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 1.12.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.02% and a net margin of 15.44%. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same period last year, the company earned $1.51 EPS. The company’s revenue for the quarter was up 8.0% on a year-over-year basis. sell-side analysts anticipate that Eastman Chemical will post 8.53 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Shareholders of record on Thursday, March 15th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date is Wednesday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 22.13%.
EMN has been the subject of several recent research reports. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, January 12th. Cowen reissued an “outperform” rating and issued a $106.00 price objective (up from $92.00) on shares of Eastman Chemical in a research note on Friday, December 8th. Tudor Pickering initiated coverage on Eastman Chemical in a research note on Tuesday, November 14th. They issued a “hold” rating for the company. KeyCorp reissued a “buy” rating and issued a $118.00 price objective (up from $108.00) on shares of Eastman Chemical in a research note on Monday, January 8th. Finally, Wells Fargo & Co reissued an “outperform” rating and issued a $115.00 price objective (up from $108.00) on shares of Eastman Chemical in a research note on Tuesday, February 20th. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $103.27.
In other Eastman Chemical news, insider Damon Cary Warmack sold 4,417 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $98.60, for a total value of $435,516.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephen R. Demeritt sold 4,000 shares of the firm’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total value of $399,360.00. Following the completion of the sale, the director now directly owns 17,732 shares of the company’s stock, valued at $1,770,362.88. The disclosure for this sale can be found here. Insiders sold a total of 134,335 shares of company stock valued at $13,334,831 over the last ninety days. Corporate insiders own 1.14% of the company’s stock.
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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