Liberty Mutual Group Asset Management Inc. Trims Stake in Eastman Chemical (EMN)
Liberty Mutual Group Asset Management Inc. trimmed its position in shares of Eastman Chemical (NYSE:EMN) by 10.3% in the 4th quarter, Holdings Channel reports. The institutional investor owned 5,774 shares of the basic materials company’s stock after selling 665 shares during the period. Liberty Mutual Group Asset Management Inc.’s holdings in Eastman Chemical were worth $535,000 as of its most recent SEC filing.
Several other institutional investors have also recently made changes to their positions in the company. Quadrature Capital Ltd acquired a new stake in shares of Eastman Chemical during the 4th quarter valued at about $279,000. Advisors Preferred LLC acquired a new stake in Eastman Chemical in the 4th quarter worth approximately $120,000. Johnson Financial Group Inc. lifted its holdings in Eastman Chemical by 844.3% in the 4th quarter. Johnson Financial Group Inc. now owns 9,622 shares of the basic materials company’s stock worth $891,000 after purchasing an additional 8,603 shares during the last quarter. Mutual Advisors LLC acquired a new stake in Eastman Chemical in the 4th quarter worth approximately $388,000. Finally, State of Tennessee Treasury Department lifted its holdings in Eastman Chemical by 26.8% in the 4th quarter. State of Tennessee Treasury Department now owns 93,312 shares of the basic materials company’s stock worth $8,645,000 after purchasing an additional 19,724 shares during the last quarter. Institutional investors and hedge funds own 84.90% of the company’s stock.
In other news, CAO Scott V. King sold 9,883 shares of the company’s stock in a transaction that occurred on Thursday, March 1st. The stock was sold at an average price of $100.82, for a total transaction of $996,404.06. Following the completion of the transaction, the chief accounting officer now directly owns 19,781 shares in the company, valued at $1,994,320.42. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Stephen R. Demeritt sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total value of $399,360.00. Following the transaction, the director now owns 17,732 shares of the company’s stock, valued at $1,770,362.88. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 87,335 shares of company stock valued at $8,634,831. Corporate insiders own 1.14% of the company’s stock.
Eastman Chemical (EMN) opened at $100.75 on Friday. Eastman Chemical has a 1-year low of $76.02 and a 1-year high of $104.46. The company has a market capitalization of $14,403.92, a P/E ratio of 13.22, a PEG ratio of 1.34 and a beta of 1.25. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, topping analysts’ consensus estimates of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.67% and a net margin of 15.44%. The company had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same period in the previous year, the company earned $1.51 earnings per share. The company’s quarterly revenue was up 8.0% compared to the same quarter last year. equities research analysts anticipate that Eastman Chemical will post 8.47 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.22%. Eastman Chemical’s dividend payout ratio (DPR) is presently 22.13%.
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Eastman Chemical 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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