Advisor Partners LLC Has $405,000 Stake in Eastman Chemical Company (NYSE:EMN)
Advisor Partners LLC increased its position in Eastman Chemical Company (NYSE:EMN) by 7.4% during the second quarter, Holdings Channel reports. The fund owned 4,823 shares of the basic materials company’s stock after buying an additional 332 shares during the period. Advisor Partners LLC’s holdings in Eastman Chemical were worth $405,000 as of its most recent SEC filing.
Other institutional investors also recently bought and sold shares of the company. UBS Asset Management Americas Inc. raised its position in Eastman Chemical by 3.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 396,786 shares of the basic materials company’s stock worth $29,841,000 after buying an additional 12,905 shares during the last quarter. Teachers Advisors LLC raised its position in Eastman Chemical by 21.6% in the fourth quarter. Teachers Advisors LLC now owns 267,818 shares of the basic materials company’s stock worth $20,143,000 after buying an additional 47,610 shares during the last quarter. Chevy Chase Trust Holdings Inc. raised its position in Eastman Chemical by 2.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 127,714 shares of the basic materials company’s stock worth $10,319,000 after buying an additional 3,515 shares during the last quarter. CENTRAL TRUST Co raised its position in Eastman Chemical by 43.2% in the first quarter. CENTRAL TRUST Co now owns 2,983 shares of the basic materials company’s stock worth $241,000 after buying an additional 900 shares during the last quarter. Finally, Creative Planning raised its position in Eastman Chemical by 9.5% in the first quarter. Creative Planning now owns 8,036 shares of the basic materials company’s stock worth $649,000 after buying an additional 699 shares during the last quarter. 88.72% of the stock is owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Company (EMN) opened at 84.26 on Thursday. The stock has a market cap of $12.21 billion, a P/E ratio of 13.52 and a beta of 1.28. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.60. The firm’s 50-day moving average price is $84.40 and its 200-day moving average price is $80.83.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 12.15% and a return on equity of 24.75%. Eastman Chemical’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.68 EPS. Equities analysts predict that Eastman Chemical Company will post $7.51 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.42%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 32.28%.
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A number of equities analysts have recently commented on EMN shares. Citigroup Inc. reaffirmed a “buy” rating and issued a $81.00 price target (up from $79.00) on shares of Eastman Chemical in a report on Friday, April 14th. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a research note on Monday, April 17th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research note on Monday, May 1st. Deutsche Bank AG reissued a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a research note on Thursday, May 25th. Finally, Royal Bank Of Canada reissued a “hold” rating and set a $85.00 price objective on shares of Eastman Chemical in a research note on Monday, June 5th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $89.89.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the completion of the transaction, the director now owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
About Eastman Chemical
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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