Balyasny Asset Management LLC Trims Stake in Eastman Chemical Company (EMN)
Balyasny Asset Management LLC reduced its stake in shares of Eastman Chemical Company (NYSE:EMN) by 3.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 163,388 shares of the basic materials company’s stock after selling 5,204 shares during the period. Balyasny Asset Management LLC owned about 0.11% of Eastman Chemical worth $13,723,000 at the end of the most recent reporting period.
Several other institutional investors also recently added to or reduced their stakes in EMN. QS Investors LLC increased its stake in shares of Eastman Chemical by 19.0% during the 2nd quarter. QS Investors LLC now owns 7,502 shares of the basic materials company’s stock worth $630,000 after purchasing an additional 1,200 shares during the last quarter. Carnegie Capital Asset Management LLC purchased a new position in Eastman Chemical in the second quarter valued at approximately $277,000. GMT Capital Corp lifted its stake in Eastman Chemical by 19.9% in the second quarter. GMT Capital Corp now owns 287,300 shares of the basic materials company’s stock valued at $24,104,000 after purchasing an additional 47,600 shares during the last quarter. Stifel Financial Corp lifted its stake in Eastman Chemical by 46.2% in the second quarter. Stifel Financial Corp now owns 154,420 shares of the basic materials company’s stock valued at $12,938,000 after purchasing an additional 48,778 shares during the last quarter. Finally, RKL Wealth Management LLC lifted its stake in Eastman Chemical by 76.2% in the second quarter. RKL Wealth Management LLC now owns 10,482 shares of the basic materials company’s stock valued at $875,000 after purchasing an additional 4,534 shares during the last quarter. 82.13% of the stock is owned by hedge funds and other institutional investors.
A number of analysts have issued reports on EMN shares. BidaskClub downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Jefferies Group LLC reaffirmed a “buy” rating on shares of Eastman Chemical in a research report on Tuesday, July 11th. Cowen and Company upped their price target on Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Finally, Deutsche Bank AG reiterated a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a research note on Wednesday, June 21st. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Eastman Chemical presently has a consensus rating of “Buy” and a consensus price target of $92.36.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the firm’s 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 sale, the director now directly owns 21,858 shares in the company, valued at approximately $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 firm’s 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 disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
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Shares of Eastman Chemical Company (EMN) opened at 91.27 on Wednesday. The company’s 50-day moving average price is $85.96 and its 200-day moving average price is $82.70. Eastman Chemical Company has a one year low of $62.70 and a one year high of $91.39. The stock has a market cap of $13.22 billion, a PE ratio of 14.65 and a beta of 1.27.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the business earned $1.68 EPS. The firm’s revenue was up 5.3% compared to the same quarter last year. Equities research analysts anticipate that Eastman Chemical Company will post $7.52 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were given a $0.51 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.24%. Eastman Chemical’s payout ratio is currently 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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