United Capital Financial Advisers LLC lifted its holdings in Eastman Chemical (NYSE:EMN) by 23.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 6,661 shares of the basic materials company’s stock after buying an additional 1,253 shares during the period. United Capital Financial Advisers LLC’s holdings in Eastman Chemical were worth $703,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. LSV Asset Management boosted its position in shares of Eastman Chemical by 9.8% in the first quarter. LSV Asset Management now owns 4,723,454 shares of the basic materials company’s stock worth $498,702,000 after buying an additional 420,337 shares during the period. OppenheimerFunds Inc. boosted its position in shares of Eastman Chemical by 13.8% in the first quarter. OppenheimerFunds Inc. now owns 2,849,739 shares of the basic materials company’s stock worth $300,875,000 after buying an additional 346,667 shares during the period. Victory Capital Management Inc. boosted its position in shares of Eastman Chemical by 22.2% in the first quarter. Victory Capital Management Inc. now owns 2,078,797 shares of the basic materials company’s stock worth $219,479,000 after buying an additional 378,048 shares during the period. Geode Capital Management LLC boosted its position in shares of Eastman Chemical by 1.9% in the fourth quarter. Geode Capital Management LLC now owns 1,799,218 shares of the basic materials company’s stock worth $166,377,000 after buying an additional 34,079 shares during the period. Finally, Allianz Asset Management GmbH boosted its position in shares of Eastman Chemical by 10.9% in the first quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock worth $182,746,000 after buying an additional 169,568 shares during the period. 83.80% of the stock is owned by institutional investors and hedge funds.
In other Eastman Chemical news, EVP Brad A. Lich sold 12,066 shares of the firm’s stock in a transaction dated Wednesday, May 9th. The stock was sold at an average price of $105.75, for a total transaction of $1,275,979.50. Following the transaction, the executive vice president now directly owns 18,997 shares in the company, valued at $2,008,932.75. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark K. Cox sold 13,100 shares of the firm’s stock in a transaction dated Monday, May 7th. The shares were sold at an average price of $105.19, for a total value of $1,377,989.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,766 shares of company stock worth $3,560,237. Corporate insiders own 1.18% of the company’s stock.
NYSE EMN opened at $100.23 on Wednesday. Eastman Chemical has a fifty-two week low of $81.91 and a fifty-two week high of $112.45. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.99 and a current ratio of 1.72. The stock has a market cap of $14.31 billion, a price-to-earnings ratio of 13.17, a P/E/G ratio of 1.25 and a beta of 1.21.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 26th. The basic materials company reported $2.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.09 by $0.14. Eastman Chemical had a return on equity of 22.14% and a net margin of 15.08%. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period last year, the company earned $1.83 earnings per share. The business’s revenue was up 13.2% compared to the same quarter last year. analysts anticipate that Eastman Chemical will post 8.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 6th. Shareholders of record on Friday, June 15th will be issued a dividend of $0.56 per share. The ex-dividend date is Thursday, June 14th. This represents a $2.24 annualized dividend and a yield of 2.23%. Eastman Chemical’s dividend payout ratio (DPR) is currently 29.43%.
Several analysts have recently commented on EMN shares. ValuEngine raised Eastman Chemical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 1st. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $119.00 target price for the company in a research report on Wednesday, March 7th. Jefferies Financial Group reaffirmed a “buy” rating on shares of Eastman Chemical in a research report on Friday, March 9th. Royal Bank of Canada reiterated a “hold” rating and set a $103.00 price objective on shares of Eastman Chemical in a report on Tuesday, April 17th. Finally, KeyCorp increased their price objective on Eastman Chemical from $118.00 to $122.00 and gave the stock an “overweight” rating in a report on Monday, April 30th. Nine equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Eastman Chemical presently has an average rating of “Buy” and an average price target of $105.40.
Eastman Chemical Company Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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