Sentry Investment Management LLC Decreases Position in Eastman Chemical Company (EMN)
Sentry Investment Management LLC reduced its stake in shares of Eastman Chemical Company (NYSE:EMN) by 66.4% during the first quarter, Holdings Channel reports. The firm owned 3,760 shares of the basic materials company’s stock after selling 7,421 shares during the period. Sentry Investment Management LLC’s holdings in Eastman Chemical Company were worth $304,000 as of its most recent filing with the SEC.
A number of other hedge funds have also added to or reduced their stakes in EMN. TD Asset Management Inc. increased its stake in Eastman Chemical Company by 107.6% in the first quarter. TD Asset Management Inc. now owns 535,998 shares of the basic materials company’s stock valued at $43,309,000 after buying an additional 277,810 shares during the period. Asset Management One Co. Ltd. increased its stake in Eastman Chemical Company by 1,555.2% in the fourth quarter. Asset Management One Co. Ltd. now owns 252,788 shares of the basic materials company’s stock valued at $19,018,000 after buying an additional 237,516 shares during the period. Aldebaran Financial Inc. increased its stake in Eastman Chemical Company by 3.0% in the fourth quarter. Aldebaran Financial Inc. now owns 35,668 shares of the basic materials company’s stock valued at $2,683,000 after buying an additional 1,024 shares during the period. Engineers Gate Manager LP acquired a new stake in Eastman Chemical Company during the first quarter valued at approximately $2,429,000. Finally, Russell Investments Group Ltd. acquired a new stake in Eastman Chemical Company during the fourth quarter valued at approximately $8,189,000. Hedge funds and other institutional investors own 88.57% of the company’s stock.
Shares of Eastman Chemical Company (EMN) traded up 0.90% during trading on Friday, reaching $83.05. 1,709,655 shares of the company’s stock were exchanged. The stock has a market capitalization of $12.11 billion, a PE ratio of 13.97 and a beta of 1.32. Eastman Chemical Company has a 52 week low of $62.70 and a 52 week high of $84.07. The company’s 50-day moving average is $80.00 and its 200 day moving average is $78.70.
Eastman Chemical Company (NYSE:EMN) last announced its quarterly earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.74 by $0.09. Eastman Chemical Company had a net margin of 9.84% and a return on equity of 22.23%. The company had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.24 billion. On average, analysts forecast that Eastman Chemical Company will post $7.47 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a dividend yield of 2.46%. The ex-dividend date is Tuesday, June 13th. Eastman Chemical Company’s dividend payout ratio (DPR) is 33.83%.
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EMN has been the subject of several research reports. Zacks Investment Research upgraded shares of Eastman Chemical Company from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research report on Monday, May 1st. TheStreet downgraded shares of Eastman Chemical Company from a “b” rating to a “c+” rating in a research report on Thursday, March 30th. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical Company in a research report on Thursday, May 25th. BidaskClub upgraded shares of Eastman Chemical Company from a “hold” rating to a “buy” rating in a research report on Thursday. Finally, Citigroup Inc. reiterated a “buy” rating and issued a $81.00 price target (up previously from $79.00) on shares of Eastman Chemical Company in a research report on Friday, April 14th. Four investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $84.45.
In other news, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction on 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 $1,253,556.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 1.14% of the company’s stock.
About Eastman Chemical Company
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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