Nomura Holdings Inc. Acquires New Holdings in Eastman Chemical Company (EMN)
Nomura Holdings Inc. acquired a new position in Eastman Chemical Company (NYSE:EMN) in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 11,050 shares of the basic materials company’s stock, valued at approximately $928,000.
A number of other hedge funds have also modified their holdings of the stock. Veritable L.P. grew its holdings in Eastman Chemical by 1.0% in the 2nd quarter. Veritable L.P. now owns 2,776 shares of the basic materials company’s stock worth $233,000 after buying an additional 27 shares in the last quarter. Cleararc Capital Inc. grew its holdings in Eastman Chemical by 1.3% in the 1st quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after buying an additional 46 shares in the last quarter. HL Financial Services LLC grew its holdings in Eastman Chemical by 0.4% in the 2nd quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock worth $945,000 after buying an additional 49 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Eastman Chemical by 1.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after buying an additional 50 shares in the last quarter. Finally, Contravisory Investment Management Inc. grew its holdings in Eastman Chemical by 1.6% in the 2nd quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after buying an additional 52 shares in the last quarter. 82.12% of the stock is owned by institutional investors and hedge funds.
In related 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 value of $117,936.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the sale, the director now directly owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
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Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. Eastman Chemical’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.68 earnings per share.
The business also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 32.28%.
EMN has been the subject of a number of recent analyst reports. Citigroup Inc. increased their price objective on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. Cowen and Company reissued a “buy” rating and issued a $88.00 price objective on shares of Eastman Chemical in a report on Friday, July 14th. Jefferies Group LLC reissued a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical in a report on Wednesday, July 5th. BidaskClub lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a report on Tuesday, July 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $93.00.
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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