Argent Capital Management LLC Purchases Shares of 148,070 Eastman Chemical Company (EMN)
Argent Capital Management LLC purchased a new stake in Eastman Chemical Company (NYSE:EMN) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 148,070 shares of the basic materials company’s stock, valued at approximately $12,436,000. Argent Capital Management LLC owned approximately 0.10% of Eastman Chemical as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after acquiring an additional 557,858 shares in the last quarter. BlackRock Inc. grew its stake in shares of Eastman Chemical by 6.3% in the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after acquiring an additional 717,506 shares in the last quarter. Blackstone Group L.P. acquired a new position in shares of Eastman Chemical in the first quarter valued at about $102,065,000. State Street Corp grew its stake in shares of Eastman Chemical by 3.6% in the first quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock valued at $591,539,000 after acquiring an additional 257,030 shares in the last quarter. Finally, LSV Asset Management grew its stake in shares of Eastman Chemical by 4.2% in the second quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after acquiring an additional 160,101 shares in the last quarter. Institutional investors and hedge funds own 82.13% of the company’s stock.
EMN has been the topic of several research reports. BidaskClub downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Jefferies Group LLC restated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Cowen and Company upped their price target on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. KeyCorp restated a “buy” rating and issued a $100.00 price target on shares of Eastman Chemical in a research note on Wednesday. Finally, Deutsche Bank AG restated a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Wednesday, June 21st. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus target price of $92.36.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the transaction, the director now owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The sale 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 business’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is owned by insiders.
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Shares of Eastman Chemical Company (NYSE:EMN) traded up 0.19% during midday trading on Friday, reaching $91.00. 971,675 shares of the company’s stock were exchanged. The company has a market cap of $13.18 billion, a P/E ratio of 14.60 and a beta of 1.27. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $91.39. The firm has a 50 day moving average price of $86.50 and a 200 day moving average price of $82.89.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates 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 firm earned $1.68 EPS. Equities research analysts forecast that Eastman Chemical Company will post $7.52 earnings per share for the current fiscal year.
The business also recently announced 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 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s payout ratio is presently 32.28%.
Eastman Chemical Company 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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