Eastman Chemical Company (EMN) Position Raised by Municipal Employees Retirement System of Michigan
Municipal Employees Retirement System of Michigan increased its stake in shares of Eastman Chemical Company (NYSE:EMN) by 8.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 13,130 shares of the basic materials company’s stock after buying an additional 1,070 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Eastman Chemical were worth $1,103,000 as of its most recent filing with the SEC.
Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its stake 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 worth $1,138,298,000 after buying an additional 557,858 shares during the last quarter. BlackRock Inc. boosted its stake 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 worth $926,666,000 after buying an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. acquired a new stake in Eastman Chemical during the first quarter worth approximately $102,065,000. State Street Corp boosted its stake in 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 during the last quarter. Finally, LSV Asset Management boosted its stake in 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 during the last quarter. Institutional investors and hedge funds own 88.72% of the company’s stock.
Shares of Eastman Chemical Company (EMN) opened at 83.25 on Friday. The company has a 50-day moving average price of $84.40 and a 200 day moving average price of $80.85. The stock has a market cap of $12.06 billion, a price-to-earnings ratio of 13.36 and a beta of 1.28. Eastman Chemical Company has a one year low of $62.70 and a one year high of $86.60.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the company earned $1.68 earnings per share. Eastman Chemical’s revenue was up 5.3% on a year-over-year basis. Equities research analysts expect that Eastman Chemical Company will post $7.51 earnings per share for the current 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 issued a $0.51 dividend. 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 is 32.28%.
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A number of research firms have recently commented on EMN. Cowen and Company reiterated a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Deutsche Bank AG reiterated a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research note on Wednesday, June 21st. BidaskClub cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Citigroup Inc. lifted 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 analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average price target of $89.89.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the transaction, the director now owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the stock in a transaction dated Thursday, August 3rd. The shares were 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. 1.14% of the stock is currently owned by corporate 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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