Canandaigua National Bank & Trust Co. Increases Position in Eastman Chemical Co. (EMN)
Canandaigua National Bank & Trust Co. boosted its position in shares of Eastman Chemical Co. (NYSE:EMN) by 2.8% during the second quarter, Holdings Channel reports. The firm owned 15,717 shares of the company’s stock after buying an additional 430 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Eastman Chemical were worth $1,067,000 as of its most recent SEC filing.
A number of other large investors have also recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its position in shares of Eastman Chemical by 267.0% in the first quarter. JPMorgan Chase & Co. now owns 8,525,183 shares of the company’s stock valued at $615,777,000 after buying an additional 6,202,173 shares during the last quarter. Norges Bank bought a new position in shares of Eastman Chemical during the fourth quarter valued at about $155,796,000. State Street Corp boosted its position in shares of Eastman Chemical by 5.3% in the first quarter. State Street Corp now owns 6,255,812 shares of the company’s stock valued at $451,861,000 after buying an additional 312,926 shares during the last quarter. Hancock Holding Co. boosted its position in shares of Eastman Chemical by 369.6% in the first quarter. Hancock Holding Co. now owns 211,051 shares of the company’s stock valued at $15,243,000 after buying an additional 166,109 shares during the last quarter. Finally, Old Mutual Global Investors UK Ltd. boosted its position in shares of Eastman Chemical by 725.0% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 174,810 shares of the company’s stock valued at $11,869,000 after buying an additional 153,621 shares during the last quarter. 84.10% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical Co. (NYSE:EMN) traded down 0.77% during mid-day trading on Tuesday, hitting $64.30. The company had a trading volume of 789,166 shares. Eastman Chemical Co. has a 52 week low of $56.03 and a 52 week high of $78.79. The firm’s 50 day moving average is $65.91 and its 200 day moving average is $70.78. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 10.83 and a beta of 1.61.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.73 by $0.05. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the business earned $2.01 EPS. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. On average, equities research analysts predict that Eastman Chemical Co. will post $6.54 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a yield of 2.86%. The ex-dividend date is Tuesday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
Several brokerages recently issued reports on EMN. Jefferies Group raised Eastman Chemical to a “buy” rating and set a $88.00 target price on the stock in a research report on Saturday, June 4th. Morgan Stanley reaffirmed a “hold” rating on shares of Eastman Chemical in a research report on Thursday, June 16th. Nomura reaffirmed a “buy” rating on shares of Eastman Chemical in a research report on Monday, July 11th. Royal Bank Of Canada cut their target price on Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating on the stock in a research report on Monday, June 27th. Finally, Citigroup Inc. cut Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the company from $74.00 to $73.00 in a research report on Wednesday, September 7th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company. Eastman Chemical currently has an average rating of “Hold” and an average target price of $76.27.
About Eastman Chemical
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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