Eastman Chemical Company (NYSE:EMN) Position Raised by CIBC Asset Management Inc
CIBC Asset Management Inc boosted its position in shares of Eastman Chemical Company (NYSE:EMN) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 14,952 shares of the basic materials company’s stock after buying an additional 26 shares during the period. CIBC Asset Management Inc’s holdings in Eastman Chemical were worth $1,256,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC purchased a new position in Eastman Chemical during the first quarter worth $100,000. FTB Advisors Inc. boosted its position in Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock worth $107,000 after buying an additional 199 shares during the last quarter. Whittier Trust Co. boosted its position in Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock worth $143,000 after buying an additional 134 shares during the last quarter. Pathstone Family Office LLC purchased a new position in Eastman Chemical during the first quarter worth $158,000. Finally, Tower Bridge Advisors purchased a new position in Eastman Chemical during the second quarter worth $207,000. 88.72% of the stock is owned by institutional investors.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 83.21 on Friday. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60. The firm has a market cap of $12.05 billion, a price-to-earnings ratio of 13.35 and a beta of 1.28. The stock has a 50 day moving average of $84.41 and a 200 day moving average of $80.89.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter last year, the firm posted $1.68 EPS. On average, equities research analysts expect that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.45%. Eastman Chemical’s dividend payout ratio is presently 32.28%.
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A number of research analysts have weighed in on the stock. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, June 30th. TheStreet raised shares of Eastman Chemical from a “c+” rating to a “b” rating in a report on Monday, April 17th. Citigroup Inc. lifted their price objective on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. 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 reaffirmed a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical in a report on Wednesday, July 5th. Six analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $89.89.
In other news, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lewis M. Kling sold 4,000 shares of the 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 completion of the transaction, the director now owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The disclosure for this sale can be found here. Company 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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