Eastman Chemical Company (EMN) Shares Sold by Forward Management LLC
Forward Management LLC cut its stake in shares of Eastman Chemical Company (NYSE:EMN) by 2.7% during the second quarter, Holdings Channel reports. The institutional investor owned 12,657 shares of the basic materials company’s stock after selling 347 shares during the period. Forward Management LLC’s holdings in Eastman Chemical were worth $1,063,000 as of its most recent filing with the SEC.
Other hedge funds have also recently made changes to their positions in the company. Harbour Capital Advisors LLC purchased a new stake in shares of Eastman Chemical during the first quarter valued at $100,000. FTB Advisors Inc. raised its stake in shares of Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares in the last quarter. Whittier Trust Co. raised its stake in shares of Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares in the last quarter. Pathstone Family Office LLC purchased a new stake in shares of Eastman Chemical during the first quarter valued at $158,000. Finally, Tower Bridge Advisors purchased a new stake in shares of Eastman Chemical during the second quarter valued at $207,000. 88.72% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical Company (EMN) opened at 83.25 on Friday. The stock’s 50 day moving average price is $84.40 and its 200 day moving average price is $80.85. The firm has a market capitalization of $12.06 billion, a P/E ratio of 13.36 and a beta of 1.28. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60.
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, topping the Thomson Reuters’ 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 firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business posted $1.68 earnings per share. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, analysts forecast that Eastman Chemical Company will post $7.51 earnings per share for the current 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 given a $0.51 dividend. This represents a $2.04 annualized dividend 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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EMN has been the subject of several research analyst reports. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a report on Monday, April 17th. Citigroup Inc. reissued a “buy” rating and issued a $81.00 price objective (up from $79.00) on shares of Eastman Chemical in a report on Friday, April 14th. Deutsche Bank AG reissued a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical in a report on Thursday, May 25th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research note on Monday, May 22nd. Finally, Jefferies Group LLC restated a “buy” rating and issued a $90.00 target price on shares of Eastman Chemical in a research note on Friday, June 16th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $89.89.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the sale, the director now directly owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
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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