Eastman Chemical Company (EMN) Position Raised by Rhumbline Advisers
Rhumbline Advisers increased its stake in shares of Eastman Chemical Company (NYSE:EMN) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 268,805 shares of the basic materials company’s stock after buying an additional 1,128 shares during the period. Rhumbline Advisers’ holdings in Eastman Chemical were worth $22,577,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of EMN. DekaBank Deutsche Girozentrale boosted its position in Eastman Chemical by 31.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 190,740 shares of the basic materials company’s stock valued at $16,005,000 after buying an additional 45,154 shares during the period. Arizona State Retirement System raised its position in Eastman Chemical by 31.2% in the second quarter. Arizona State Retirement System now owns 47,556 shares of the basic materials company’s stock worth $3,994,000 after buying an additional 11,300 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its position in Eastman Chemical by 25.9% in the second quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 29,762 shares of the basic materials company’s stock worth $2,500,000 after buying an additional 6,115 shares during the last quarter. Schwab Charles Investment Management Inc. raised its position in Eastman Chemical by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 582,515 shares of the basic materials company’s stock worth $48,926,000 after buying an additional 38,018 shares during the last quarter. Finally, Global X Management Co. LLC raised its position in Eastman Chemical by 15.6% in the second quarter. Global X Management Co. LLC now owns 3,300 shares of the basic materials company’s stock worth $277,000 after buying an additional 446 shares during the last quarter. Institutional investors and hedge funds own 88.53% of the company’s stock.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 84.84 on Wednesday. The stock has a 50 day moving average of $84.47 and a 200-day moving average of $81.00. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60. The company has a market cap of $12.29 billion, a price-to-earnings ratio of 13.62 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm posted $1.68 EPS. Eastman Chemical’s revenue was up 5.3% compared to the same quarter last year. On average, analysts forecast that Eastman Chemical Company will post $7.51 EPS for the current year.
The business also recently disclosed 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 annualized dividend and a yield of 2.40%. 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 research firms have issued reports on EMN. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 price target on the stock in a research report on Monday, May 1st. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a report on Thursday, May 25th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $85.00 price objective on shares of Eastman Chemical in a report on Monday, June 5th. BidaskClub raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $90.00 price target on shares of Eastman Chemical in a report on Friday, June 16th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average price target of $89.89.
In other news, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction 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 disclosure for this sale can be found here. 1.14% of the stock is currently owned by company 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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