Eastman Chemical Company (EMN) Shares Sold by Princeton Portfolio Strategies Group LLC
Princeton Portfolio Strategies Group LLC trimmed its stake in shares of Eastman Chemical Company (NYSE:EMN) by 4.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 28,641 shares of the basic materials company’s stock after selling 1,380 shares during the period. Princeton Portfolio Strategies Group LLC’s holdings in Eastman Chemical were worth $2,406,000 as of its most recent SEC filing.
Several other large investors also recently modified their holdings of the stock. The Manufacturers Life Insurance Company raised its holdings in shares of Eastman Chemical by 7.0% during the second quarter. The Manufacturers Life Insurance Company now owns 461,605 shares of the basic materials company’s stock worth $38,770,000 after acquiring an additional 30,293 shares during the period. Moors & Cabot Inc. raised its holdings in shares of Eastman Chemical by 6.5% during the second quarter. Moors & Cabot Inc. now owns 8,123 shares of the basic materials company’s stock worth $684,000 after acquiring an additional 499 shares during the period. Cubist Systematic Strategies LLC raised its holdings in shares of Eastman Chemical by 104.2% during the second quarter. Cubist Systematic Strategies LLC now owns 8,037 shares of the basic materials company’s stock worth $675,000 after acquiring an additional 4,102 shares during the period. Sciencast Management LP acquired a new stake in shares of Eastman Chemical during the second quarter worth $422,000. Finally, Carret Asset Management LLC raised its holdings in shares of Eastman Chemical by 1.5% during the second quarter. Carret Asset Management LLC now owns 13,309 shares of the basic materials company’s stock worth $1,118,000 after acquiring an additional 200 shares during the period. Institutional investors and hedge funds own 82.13% of the company’s stock.
Eastman Chemical Company (NYSE:EMN) traded up 0.19% on Friday, reaching $91.00. 971,675 shares of the company were exchanged. The stock has a market capitalization of $13.18 billion, a P/E ratio of 14.60 and a beta of 1.27. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $91.39. The company’s 50-day moving average price is $86.50 and its 200-day moving average price is $82.89.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share 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 for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the company posted $1.68 earnings per share. The business’s revenue was up 5.3% on a year-over-year basis. Equities research analysts anticipate that Eastman Chemical Company will post $7.52 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were issued a dividend of $0.51 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.24%. Eastman Chemical’s payout ratio is 32.28%.
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In other news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the sale, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 transaction of $117,936.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
A number of equities research analysts recently commented on EMN shares. KeyCorp restated a “buy” rating and set a $100.00 price objective on shares of Eastman Chemical in a report on Thursday, August 24th. Jefferies Group LLC restated a “buy” rating on shares of Eastman Chemical in a report on Tuesday, July 11th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price objective on the stock in a report on Tuesday, July 4th. UBS AG restated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Finally, Deutsche Bank AG restated a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a report on Wednesday, June 21st. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Eastman Chemical has a consensus rating of “Buy” and a consensus target price of $92.36.
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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