Jensen Investment Management Inc. Has $663,000 Stake in Eastman Chemical Company (EMN)
Jensen Investment Management Inc. increased its stake in Eastman Chemical Company (NYSE:EMN) by 24.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 7,890 shares of the basic materials company’s stock after buying an additional 1,540 shares during the period. Jensen Investment Management Inc.’s holdings in Eastman Chemical were worth $663,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in EMN. Harbour Capital Advisors LLC acquired a new position in shares of Eastman Chemical during the first quarter worth about $100,000. FTB Advisors Inc. increased its position 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 worth $107,000 after buying an additional 199 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after buying an additional 826 shares during the last quarter. Whittier Trust Co. increased its position 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 worth $143,000 after buying an additional 134 shares during the last quarter. Finally, Pathstone Family Office LLC acquired a new position in shares of Eastman Chemical during the first quarter worth about $158,000. 82.08% of the stock is currently owned by institutional investors and hedge funds.
Eastman Chemical Company (NYSE EMN) traded up 0.44% during trading on Thursday, hitting $86.13. The stock had a trading volume of 207,170 shares. The firm’s 50-day moving average price is $84.50 and its 200-day moving average price is $81.31. The company has a market cap of $12.47 billion, a price-to-earnings ratio of 13.82 and a beta of 1.28. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.79.
Eastman Chemical (NYSE:EMN) last issued its 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. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the company posted $1.68 earnings per share. The firm’s quarterly revenue was up 5.3% compared to the same quarter last year. Analysts predict that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a dividend of $0.51 per share. 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 2.38%. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
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A number of research analysts have recently issued reports on the company. UBS AG reaffirmed a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, August 2nd. KeyCorp reiterated a “buy” rating and set a $100.00 price objective on shares of Eastman Chemical in a research report on Thursday, August 24th. Royal Bank Of Canada reiterated a “hold” rating and set a $85.00 price objective on shares of Eastman Chemical in a research report on Monday, June 5th. Finally, Cowen and Company upped their price objective on Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Eastman Chemical presently has a consensus rating of “Buy” and a consensus target price of $90.90.
In other news, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now directly owns 21,858 shares of the company’s stock, valued at $1,845,470.94. 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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