DekaBank Deutsche Girozentrale Acquires 45,154 Shares of Eastman Chemical Company (NYSE:EMN)
DekaBank Deutsche Girozentrale raised its position in shares of Eastman Chemical Company (NYSE:EMN) by 31.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 190,740 shares of the basic materials company’s stock after buying an additional 45,154 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Eastman Chemical were worth $16,005,000 as of its most recent filing with the SEC.
Several other large investors have also modified their holdings of EMN. Jaffetilchin Investment Partners LLC increased its stake 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 during the last quarter. Cleararc Capital Inc. increased 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 valued at $290,000 after buying an additional 46 shares in the last quarter. HL Financial Services LLC increased 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 valued at $945,000 after buying an additional 49 shares in the last quarter. Daiwa Securities Group Inc. increased 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 valued at $349,000 after buying an additional 50 shares in the last quarter. Finally, Contravisory Investment Management Inc. increased 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 valued at $277,000 after buying an additional 52 shares in the last quarter. 88.72% of the stock is owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 83.21 on Friday. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60. The stock has a market capitalization of $12.05 billion, a PE ratio of 13.35 and a beta of 1.28. The stock’s 50 day moving average is $84.41 and its 200 day moving average is $80.89.
Eastman Chemical (NYSE:EMN) last issued 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 the consensus estimate of $2.35 billion. During the same period in the previous year, the firm earned $1.68 earnings per share. Eastman Chemical’s quarterly revenue was up 5.3% compared to the same quarter last year. Analysts anticipate that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
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Several brokerages recently weighed in on EMN. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, May 19th. UBS AG reaffirmed a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Citigroup Inc. upped their target price on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. Cowen and Company upped their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a report on Monday, August 7th. Finally, TheStreet raised shares of Eastman Chemical from a “c+” rating to a “b” rating in a report on Monday, April 17th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average price target of $89.89.
In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now directly owns 15,693 shares in the company, valued at $1,253,556.84. The disclosure for this sale can be found here. 1.14% of the stock is owned by insiders.
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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