Eastman Chemical Company (EMN) Shares Bought by Tredje AP fonden
Tredje AP fonden boosted its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 95.0% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,611 shares of the basic materials company’s stock after purchasing an additional 6,630 shares during the period. Tredje AP fonden’s holdings in Eastman Chemical were worth $1,237,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in the stock. BlackRock Inc. increased its holdings in Eastman Chemical by 6.3% during the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after purchasing an additional 717,506 shares during the period. LSV Asset Management increased its holdings in Eastman Chemical by 4.2% during the 2nd quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after purchasing an additional 160,101 shares during the period. Ameriprise Financial Inc. boosted its position in Eastman Chemical by 8.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock valued at $265,234,000 after acquiring an additional 223,382 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Eastman Chemical by 4.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock valued at $202,526,000 after acquiring an additional 87,674 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its position in Eastman Chemical by 4.1% during the 2nd quarter. Lord Abbett & CO. LLC now owns 1,388,156 shares of the basic materials company’s stock valued at $116,591,000 after acquiring an additional 54,800 shares in the last quarter. Institutional investors own 82.66% of the company’s stock.
In other news, SVP Perry Stuckey sold 5,200 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.14% of the company’s stock.
EMN has been the topic of several research reports. UBS lifted their price objective on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Thursday, October 26th. KeyCorp reaffirmed a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Deutsche Bank lifted their price objective on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 10th. Finally, J P Morgan Chase & Co lifted their price objective on Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, October 30th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $96.93.
Shares of Eastman Chemical Company (EMN) opened at $92.18 on Friday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94. Eastman Chemical Company has a 12-month low of $74.78 and a 12-month high of $94.96. The company has a market capitalization of $13,151.70, a P/E ratio of 12.18, a PEG ratio of 1.56 and a beta of 1.31.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.16. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm posted $1.86 EPS. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. research analysts predict that Eastman Chemical Company will post 7.13 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Monday, December 18th will be given a $0.56 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.51. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.43%. The ex-dividend date is Friday, December 15th. Eastman Chemical’s payout ratio is currently 29.23%.
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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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