MML Investors Services LLC lessened its holdings in Eastman Chemical (NYSE:EMN) by 33.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,630 shares of the basic materials company’s stock after selling 3,350 shares during the quarter. MML Investors Services LLC’s holdings in Eastman Chemical were worth $614,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. Private Advisor Group LLC increased its holdings in Eastman Chemical by 106.7% in the 3rd quarter. Private Advisor Group LLC now owns 8,697 shares of the basic materials company’s stock valued at $783,000 after buying an additional 4,490 shares during the period. Tredje AP fonden increased its holdings in Eastman Chemical by 95.0% in the 3rd quarter. Tredje AP fonden now owns 13,611 shares of the basic materials company’s stock valued at $1,237,000 after buying an additional 6,630 shares during the period. Ifrah Financial Services Inc. increased its holdings in Eastman Chemical by 19.8% in the 4th quarter. Ifrah Financial Services Inc. now owns 4,984 shares of the basic materials company’s stock valued at $462,000 after buying an additional 823 shares during the period. Victory Capital Management Inc. boosted its stake in shares of Eastman Chemical by 28.1% in the 3rd quarter. Victory Capital Management Inc. now owns 27,866 shares of the basic materials company’s stock valued at $2,522,000 after purchasing an additional 6,121 shares in the last quarter. Finally, HAP Trading LLC boosted its stake in shares of Eastman Chemical by 23.6% in the 3rd quarter. HAP Trading LLC now owns 88,966 shares of the basic materials company’s stock valued at $8,051,000 after purchasing an additional 16,983 shares in the last quarter. 85.59% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently commented on EMN shares. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, January 5th. Cowen restated an “outperform” rating and issued a $106.00 target price (up previously from $92.00) on shares of Eastman Chemical in a research note on Friday, December 8th. Wells Fargo restated an “outperform” rating and issued a $115.00 target price (up previously from $108.00) on shares of Eastman Chemical in a research note on Tuesday, February 20th. KeyCorp restated a “buy” rating and issued a $118.00 target price (up previously from $108.00) on shares of Eastman Chemical in a research note on Monday, January 8th. Finally, Jefferies Group restated a “buy” rating on shares of Eastman Chemical in a research note on Friday, March 9th. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $103.27.
In other Eastman Chemical news, Director Stephen R. Demeritt sold 4,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total transaction 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 approximately $1,770,362.88. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Damon Cary Warmack sold 4,417 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $98.60, for a total value of $435,516.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 134,335 shares of company stock worth $13,334,831. 1.14% of the stock is owned by corporate insiders.
Eastman Chemical (NYSE EMN) opened at $107.79 on Friday. The stock has a market cap of $15,293.15, a PE ratio of 14.04, a P/E/G ratio of 1.41 and a beta of 1.25. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12. Eastman Chemical has a 52-week low of $76.02 and a 52-week high of $112.45.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.06 by $0.56. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.02%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.51 EPS. analysts forecast that Eastman Chemical will post 8.53 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.24 annualized dividend and a yield of 2.08%. Eastman Chemical’s dividend payout ratio (DPR) is 22.13%.
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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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