Americafirst Capital Management LLC Has $174,000 Stake in Eastman Chemical Company (EMN)
Americafirst Capital Management LLC lessened its stake in shares of Eastman Chemical Company (NYSE:EMN) by 77.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,076 shares of the basic materials company’s stock after selling 7,320 shares during the quarter. Americafirst Capital Management LLC’s holdings in Eastman Chemical were worth $174,000 at the end of the most recent quarter.
Other institutional investors also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC purchased a new stake in shares of Eastman Chemical during the first quarter worth approximately $100,000. Advisors Asset Management Inc. raised its stake in shares of Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 826 shares during the last quarter. Acrospire Investment Management LLC raised its stake in shares of Eastman Chemical by 1,500.0% during the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after purchasing an additional 1,500 shares during the last quarter. M&R Capital Management Inc. raised its stake in shares of Eastman Chemical by 62.9% during the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after purchasing an additional 700 shares during the last quarter. Finally, Fiduciary Trust Co. purchased a new stake in shares of Eastman Chemical during the second quarter worth approximately $160,000. Institutional investors and hedge funds own 82.13% of the company’s stock.
Shares of Eastman Chemical Company (NYSE EMN) traded up 0.33% on Friday, hitting $88.65. The stock had a trading volume of 787,557 shares. Eastman Chemical Company has a 12-month low of $63.35 and a 12-month high of $91.39. The company’s 50-day moving average price is $87.19 and its 200 day moving average price is $83.29. The firm has a market cap of $12.84 billion, a P/E ratio of 14.23 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 EPS for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.68 EPS. On average, equities research analysts forecast that Eastman Chemical Company will post $7.35 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In other news, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the sale, 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. 1.14% of the stock is owned by insiders.
Several equities research analysts have recently commented on the company. Jefferies Group LLC restated a “buy” rating and set a $96.00 price target on shares of Eastman Chemical in a research note on Tuesday, October 3rd. KeyCorp restated a “buy” rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Wednesday, October 4th. Deutsche Bank AG upped their price target on Eastman Chemical from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Tuesday. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Nomura cut Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target for the company. in a research note on Tuesday. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Eastman Chemical currently has an average rating of “Hold” and a consensus price target of $93.00.
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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