Profund Advisors LLC raised its stake in Eastman Chemical (NYSE:EMN) by 75.4% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 14,825 shares of the basic materials company’s stock after buying an additional 6,374 shares during the quarter. Profund Advisors LLC’s holdings in Eastman Chemical were worth $1,373,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. Steward Partners Investment Advisory LLC bought a new stake in Eastman Chemical in the third quarter valued at $113,000. Balter Liquid Alternatives LLC bought a new stake in Eastman Chemical in the fourth quarter valued at $115,000. Advisors Preferred LLC acquired a new position in shares of Eastman Chemical during the fourth quarter valued at $120,000. NuWave Investment Management LLC acquired a new position in shares of Eastman Chemical during the fourth quarter valued at $123,000. Finally, Vigilant Capital Management LLC acquired a new position in shares of Eastman Chemical during the fourth quarter valued at $126,000. Institutional investors own 85.44% of the company’s stock.
A number of brokerages have recently commented on EMN. Jefferies Group reissued a “buy” rating on shares of Eastman Chemical in a report on Friday, March 9th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $119.00 price target on the stock in a report on Wednesday, March 7th. ValuEngine raised Eastman Chemical from a “buy” rating to a “strong-buy” rating in a report on Thursday, March 1st. Wells Fargo reaffirmed an “outperform” rating and set a $115.00 target price (up from $108.00) on shares of Eastman Chemical in a report on Tuesday, February 20th. Finally, Cowen reaffirmed an “outperform” rating and set a $115.00 target price (up from $106.00) on shares of Eastman Chemical in a report on Wednesday, February 7th. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $103.27.
Eastman Chemical (NYSE:EMN) traded down $0.29 during trading hours on Tuesday, hitting $106.24. The company had a trading volume of 870,036 shares, compared to its average volume of 1,352,109. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.59 and a quick ratio of 0.82. Eastman Chemical has a fifty-two week low of $76.02 and a fifty-two week high of $112.45. The firm has a market cap of $15,410.38, a price-to-earnings ratio of 10.50, a price-to-earnings-growth ratio of 1.42 and a beta of 1.25.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.02% and a net margin of 15.44%. The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period last year, the company posted $1.51 EPS. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. analysts anticipate that Eastman Chemical will post 8.53 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 6th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.56 per share. The ex-dividend date is Wednesday, March 14th. This represents a $2.24 dividend on an annualized basis and a yield of 2.11%. Eastman Chemical’s payout ratio is presently 22.13%.
In other news, insider Damon Cary Warmack sold 2,710 shares of Eastman Chemical stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $102.22, for a total transaction of $277,016.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director David W. Raisbeck sold 4,000 shares of Eastman Chemical stock in a transaction dated Thursday, February 22nd. The shares were sold at an average price of $101.59, for a total value of $406,360.00. Following the sale, the director now owns 25,091 shares of the company’s stock, valued at $2,548,994.69. The disclosure for this sale can be found here. Insiders have sold a total of 134,335 shares of company stock valued at $13,334,831 over the last 90 days. Corporate insiders own 1.14% of the company’s stock.
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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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