Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in shares of Eastman Chemical (NYSE:EMN) during the second quarter, Holdings Channel reports. The institutional investor bought 14,944 shares of the basic materials company’s stock, valued at approximately $1,494,000.

Other large investors have also recently added to or reduced their stakes in the company. First Mercantile Trust Co. acquired a new position in Eastman Chemical during the second quarter worth about $113,000. Twin Tree Management LP grew its holdings in Eastman Chemical by 72.6% during the first quarter. Twin Tree Management LP now owns 1,310 shares of the basic materials company’s stock worth $138,000 after acquiring an additional 551 shares during the period. Tiverton Asset Management LLC grew its holdings in Eastman Chemical by 48.3% during the first quarter. Tiverton Asset Management LLC now owns 1,829 shares of the basic materials company’s stock worth $193,000 after acquiring an additional 596 shares during the period. GW Henssler & Associates Ltd. acquired a new position in Eastman Chemical during the first quarter worth about $200,000. Finally, Wetherby Asset Management Inc. acquired a new position in Eastman Chemical during the first quarter worth about $202,000. 84.61% of the stock is currently owned by hedge funds and other institutional investors.

In related news, CAO Scott V. King sold 16,192 shares of the stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $101.35, for a total value of $1,641,059.20. Following the completion of the transaction, the chief accounting officer now owns 5,898 shares in the company, valued at approximately $597,762.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Mark J. Costa sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $100.00, for a total value of $2,000,000.00. Following the sale, the chief executive officer now owns 190,584 shares of the company’s stock, valued at $19,058,400. The disclosure for this sale can be found here. Insiders sold a total of 39,715 shares of company stock valued at $4,005,972 in the last quarter. 1.18% of the stock is currently owned by corporate insiders.

A number of research analysts recently issued reports on EMN shares. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a report on Wednesday, May 2nd. KeyCorp lifted their target price on Eastman Chemical from $118.00 to $122.00 and gave the stock an “overweight” rating in a report on Monday, April 30th. Citigroup lifted their target price on Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a report on Monday, April 30th. Royal Bank of Canada lifted their target price on Eastman Chemical to $107.00 and gave the stock a “sector perform” rating in a report on Monday, April 30th. They noted that the move was a valuation call. Finally, ValuEngine lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, June 20th. Ten analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $105.31.

NYSE:EMN opened at $97.69 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.69 and a quick ratio of 0.95. Eastman Chemical has a 1-year low of $82.40 and a 1-year high of $112.45. The firm has a market capitalization of $14.11 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.29 and a beta of 1.13.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 26th. The basic materials company reported $2.22 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.20 by $0.02. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The business had revenue of $2.62 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same quarter last year, the company posted $1.98 EPS. Eastman Chemical’s revenue for the quarter was up 8.4% on a year-over-year basis. research analysts expect that Eastman Chemical will post 8.57 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 14th will be given a $0.56 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.29%. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.

Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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