Vanguard Group Inc. Has $1.15 Billion Stake in Eastman Chemical (NYSE:EMN)
Vanguard Group Inc. boosted its stake in Eastman Chemical (NYSE:EMN) by 0.3% in the second quarter, HoldingsChannel.com reports. The firm owned 14,829,482 shares of the basic materials company’s stock after buying an additional 49,886 shares during the period. Vanguard Group Inc. owned 0.11% of Eastman Chemical worth $1,154,178,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of EMN. Zions Bancorporation N.A. bought a new stake in Eastman Chemical during the first quarter valued at $27,000. Motco bought a new stake in Eastman Chemical during the second quarter valued at $31,000. Berman Capital Advisors LLC boosted its position in Eastman Chemical by 28.6% during the second quarter. Berman Capital Advisors LLC now owns 639 shares of the basic materials company’s stock valued at $49,000 after acquiring an additional 142 shares during the last quarter. SevenBridge Financial Group LLC boosted its position in Eastman Chemical by 62.6% during the second quarter. SevenBridge Financial Group LLC now owns 709 shares of the basic materials company’s stock valued at $55,000 after acquiring an additional 273 shares during the last quarter. Finally, Thor Advisors LLC bought a new stake in Eastman Chemical during the first quarter valued at $73,000. Institutional investors and hedge funds own 80.94% of the company’s stock.
A number of analysts have commented on EMN shares. SunTrust Banks set a $80.00 price target on shares of Eastman Chemical and gave the company a “hold” rating in a research report on Monday, July 15th. Tudor Pickering raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price target on the stock in a research report on Thursday, August 15th. Cowen reaffirmed a “market perform” rating and set a $77.00 price target (down previously from $83.00) on shares of Eastman Chemical in a research report on Monday, August 5th. Nomura cut their price target on shares of Eastman Chemical from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. Finally, Citigroup set a $78.00 price target on shares of Eastman Chemical and gave the company a “hold” rating in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $85.38.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.10). The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.55 billion. Eastman Chemical had a return on equity of 17.76% and a net margin of 9.45%. Eastman Chemical’s revenue for the quarter was down 9.8% compared to the same quarter last year. During the same period last year, the company earned $2.22 EPS. As a group, sell-side analysts predict that Eastman Chemical will post 7.66 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.42%. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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