Eastman Chemical Company (EMN) Position Decreased by Burney Co.
Burney Co. cut its stake in shares of Eastman Chemical Company (NYSE:EMN) by 1.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 147,151 shares of the basic materials company’s stock after selling 1,889 shares during the period. Burney Co. owned approximately 0.10% of Eastman Chemical worth $12,272,000 as of its most recent filing with the SEC.
Several other institutional investors have also made changes to their positions in the stock. BlackRock Inc. raised its position in 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 valued at $926,666,000 after buying an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. purchased a new position in Eastman Chemical during the first quarter valued at about $102,065,000. Vanguard Group Inc. raised its position in 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 valued at $1,138,298,000 after buying an additional 557,858 shares during the last quarter. Ameriprise Financial Inc. raised its position in Eastman Chemical by 17.9% in the first quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock valued at $215,277,000 after buying an additional 404,626 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its position in Eastman Chemical by 20.0% in the first quarter. OppenheimerFunds Inc. now owns 2,402,230 shares of the basic materials company’s stock valued at $194,100,000 after buying an additional 400,941 shares during the last quarter. 82.08% of the stock is currently owned by institutional investors and hedge funds.
Eastman Chemical Company (NYSE EMN) traded up 0.911% on Friday, hitting $86.985. The stock had a trading volume of 158,494 shares. The firm has a market cap of $12.60 billion, a PE ratio of 13.960 and a beta of 1.28. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $87.52. The company’s 50 day moving average is $84.57 and its 200 day moving average is $81.51.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping 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 business had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the firm posted $1.68 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts expect that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors 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 2.37%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
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Several research firms recently issued reports on EMN. Cowen and Company reissued a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a research note on Friday, July 14th. Deutsche Bank AG reissued a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research note on Wednesday, June 21st. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. BidaskClub lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Citigroup Inc. increased their target price on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 12th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Eastman Chemical has a consensus rating of “Buy” and a consensus target price of $90.90.
In related news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the transaction, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was 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. Insiders own 1.14% of the company’s stock.
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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