Aldebaran Financial Inc. Has $2.90 Million Stake in Eastman Chemical Company (EMN)
Aldebaran Financial Inc. lessened its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 2.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,498 shares of the basic materials company’s stock after selling 810 shares during the quarter. Eastman Chemical makes up 2.1% of Aldebaran Financial Inc.’s portfolio, making the stock its 14th largest holding. Aldebaran Financial Inc.’s holdings in Eastman Chemical were worth $2,897,000 as of its most recent SEC filing.
Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Eastman Chemical by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock worth $1,138,298,000 after acquiring an additional 557,858 shares during the last quarter. BlackRock Inc. lifted its stake in shares of Eastman Chemical by 6.3% during the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after buying an additional 717,506 shares in the last quarter. Blackstone Group L.P. purchased a new position in shares of Eastman Chemical during the 1st quarter valued at $102,065,000. State Street Corp lifted its stake in shares of Eastman Chemical by 3.6% during the 1st quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock valued at $591,539,000 after buying an additional 257,030 shares in the last quarter. Finally, LSV Asset Management lifted its stake in shares of Eastman Chemical by 4.2% during the 2nd quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after buying an additional 160,101 shares in the last quarter. Institutional investors and hedge funds own 82.12% of the company’s stock.
In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
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A number of research analysts recently weighed in on the stock. UBS AG restated a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Nomura cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 target price on the stock. in a research note on Tuesday, October 10th. SunTrust Banks, Inc. restated a “hold” rating and set a $90.00 target price on shares of Eastman Chemical in a research note on Thursday. Finally, Instinet cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 target price on the stock. in a research note on Tuesday, October 10th. Nine investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Eastman Chemical presently has a consensus rating of “Hold” and an average target price of $93.00.
Shares of Eastman Chemical Company (NYSE:EMN) traded down 0.85% during mid-day trading on Monday, reaching $87.90. 365,142 shares of the company’s stock were exchanged. Eastman Chemical Company has a 1-year low of $63.35 and a 1-year high of $91.39. The company’s 50 day moving average is $87.26 and its 200 day moving average is $83.33. The stock has a market capitalization of $12.73 billion, a PE ratio of 14.11 and a beta of 1.27.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the firm posted $1.68 earnings per share. Equities research analysts anticipate that Eastman Chemical Company will post $7.35 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.30%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s payout ratio is 32.28%.
Eastman Chemical 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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