Chevy Chase Trust Holdings Inc. Has $10.67 Million Position in Eastman Chemical Company (EMN)
Chevy Chase Trust Holdings Inc. decreased its position in shares of Eastman Chemical Company (NYSE:EMN) by 0.5% during the second quarter, Holdings Channel reports. The institutional investor owned 127,061 shares of the basic materials company’s stock after selling 653 shares during the period. Chevy Chase Trust Holdings Inc.’s holdings in Eastman Chemical were worth $10,672,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. raised its position 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 worth $1,138,298,000 after buying an additional 557,858 shares in the last quarter. BlackRock Inc. raised its position in shares of Eastman Chemical by 3,636.5% in the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock worth $926,666,000 after buying an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. bought a new position in shares of Eastman Chemical during the first quarter worth approximately $102,065,000. State Street Corp raised its position 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 worth $591,539,000 after buying an additional 257,030 shares in the last quarter. Finally, LSV Asset Management raised its position in shares of Eastman Chemical by 5.3% in the first quarter. LSV Asset Management now owns 3,812,967 shares of the basic materials company’s stock worth $308,087,000 after buying an additional 192,409 shares in the last quarter. 87.89% of the stock is currently owned by institutional investors and hedge funds.
Shares of Eastman Chemical Company (EMN) opened at 85.08 on Wednesday. The firm has a market cap of $12.41 billion, a price-to-earnings ratio of 14.31 and a beta of 1.29. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $86.28. The firm has a 50-day moving average price of $83.26 and a 200-day moving average price of $80.04.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.09. The firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical had a return on equity of 22.23% and a net margin of 9.84%. Equities research analysts anticipate that Eastman Chemical Company will post $7.47 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th were paid a $0.51 dividend. The ex-dividend date was Tuesday, June 13th. This represents a $2.04 annualized dividend and a yield of 2.40%. Eastman Chemical’s dividend payout ratio is 33.83%.
EMN has been the topic of a number of analyst reports. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Royal Bank Of Canada reissued a “hold” rating and set a $85.00 price objective on shares of Eastman Chemical in a report on Monday, June 5th. Citigroup Inc. reissued a “buy” rating and set a $81.00 price objective (up previously from $79.00) on shares of Eastman Chemical in a report on Friday, April 14th. Jefferies Group LLC reissued a “buy” rating on shares of Eastman Chemical in a report on Tuesday, July 11th. Finally, Deutsche Bank AG reissued a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a report on Wednesday, June 21st. Five analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $86.00.
In other Eastman Chemical 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 sale, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.14% of the stock is owned by corporate insiders.
About Eastman Chemical
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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