Arizona State Retirement System Acquires 11,300 Shares of Eastman Chemical Company (EMN)
Arizona State Retirement System raised its position in shares of Eastman Chemical Company (NYSE:EMN) by 31.2% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 47,556 shares of the basic materials company’s stock after buying an additional 11,300 shares during the period. Arizona State Retirement System’s holdings in Eastman Chemical were worth $3,994,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the stock. Jaffetilchin Investment Partners LLC boosted its position in shares of Eastman Chemical by 0.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 5,431 shares of the basic materials company’s stock worth $439,000 after buying an additional 40 shares in the last quarter. Cleararc Capital Inc. boosted its position in shares of Eastman Chemical by 1.3% in the first quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after buying an additional 46 shares in the last quarter. HL Financial Services LLC boosted its position in shares of Eastman Chemical by 0.4% in the second quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock worth $945,000 after buying an additional 49 shares in the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Eastman Chemical by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after buying an additional 50 shares in the last quarter. Finally, Contravisory Investment Management Inc. boosted its position in shares of Eastman Chemical by 1.6% in the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after buying an additional 52 shares in the last quarter. Institutional investors own 88.53% of the company’s stock.
Shares of Eastman Chemical Company (EMN) opened at 84.84 on Wednesday. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.60. The firm has a market cap of $12.29 billion, a PE ratio of 13.62 and a beta of 1.28. The firm has a 50-day moving average of $84.47 and a 200 day moving average of $81.00.
Eastman Chemical (NYSE:EMN) last released 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. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm posted $1.68 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts predict that Eastman Chemical Company will post $7.51 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.40%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 32.28%.
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A number of brokerages have recently issued reports on EMN. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, May 19th. UBS AG reiterated a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a research report on Sunday, June 25th. Citigroup Inc. increased their target price on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th. Cowen and Company increased their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, August 7th. Finally, Royal Bank Of Canada reiterated a “hold” rating and set a $85.00 target price on shares of Eastman Chemical in a research report on Monday, June 5th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Eastman Chemical has an average rating of “Buy” and an average price target of $89.89.
In other news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the transaction, the director now owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were 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. Corporate insiders own 1.14% of the company’s stock.
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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