Walter & Keenan Financial Consulting Co. MI ADV Has $336,000 Stake in Eastman Chemical Company (NYSE:EMN)
Walter & Keenan Financial Consulting Co. MI ADV continued to hold its position in Eastman Chemical Company (NYSE:EMN) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,998 shares of the basic materials company’s stock at the end of the second quarter. Walter & Keenan Financial Consulting Co. MI ADV’s holdings in Eastman Chemical were worth $336,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. Howe & Rusling Inc. boosted its position in Eastman Chemical by 1.0% in the first quarter. Howe & Rusling Inc. now owns 20,992 shares of the basic materials company’s stock valued at $1,696,000 after buying an additional 207 shares during the last quarter. Americafirst Capital Management LLC boosted its position in Eastman Chemical by 131.4% in the first quarter. Americafirst Capital Management LLC now owns 9,396 shares of the basic materials company’s stock valued at $759,000 after buying an additional 5,335 shares during the last quarter. Doyle Wealth Management acquired a new position in Eastman Chemical during the first quarter valued at about $395,000. Atria Investments LLC boosted its position in Eastman Chemical by 21.1% in the first quarter. Atria Investments LLC now owns 8,176 shares of the basic materials company’s stock valued at $661,000 after buying an additional 1,427 shares during the last quarter. Finally, TNB Financial acquired a new position in Eastman Chemical during the first quarter valued at about $247,000. Hedge funds and other institutional investors own 88.72% of the company’s stock.
Shares of Eastman Chemical Company (EMN) opened at 84.26 on Thursday. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $86.60. The company’s 50 day moving average price is $84.40 and its 200-day moving average price is $80.83. The firm has a market cap of $12.21 billion, a price-to-earnings ratio of 13.52 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 24.75% and a net margin of 12.15%. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.68 EPS. Equities analysts expect that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.42%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s payout ratio is 32.28%.
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Several research analysts have issued reports on the company. Cowen and Company reiterated a “buy” rating and issued a $88.00 price objective on shares of Eastman Chemical in a research report on Friday, July 14th. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. Deutsche Bank AG reissued a “buy” rating and issued a $92.00 target price on shares of Eastman Chemical in a report on Wednesday, June 21st. BidaskClub lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, Citigroup Inc. upped their target price on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $89.89.
In related news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the transaction, the director now directly owns 15,693 shares in the company, valued at approximately $1,253,556.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
About Eastman Chemical
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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