Cypress Asset Management Inc. TX cut its position in shares of Eastman Chemical Company (NYSE:EMN) by 14.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 16,924 shares of the basic materials company’s stock after selling 2,878 shares during the period. Cypress Asset Management Inc. TX’s holdings in Eastman Chemical were worth $1,421,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC bought a new position in Eastman Chemical during the first quarter worth about $100,000. FTB Advisors Inc. raised its position in Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock worth $107,000 after buying an additional 199 shares during the last quarter. Whittier Trust Co. raised its position in Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock worth $143,000 after buying an additional 134 shares during the last quarter. Pathstone Family Office LLC bought a new position in Eastman Chemical during the first quarter worth about $158,000. Finally, Argent Trust Co bought a new position in Eastman Chemical during the first quarter worth about $209,000. 88.72% of the stock is currently owned by institutional investors and hedge funds.
Eastman Chemical Company (NYSE:EMN) traded down 0.05% during mid-day trading on Friday, reaching $83.21. The company’s stock had a trading volume of 1,083,827 shares. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $86.60. The company has a market capitalization of $12.05 billion, a PE ratio of 13.35 and a beta of 1.28. The firm has a 50 day moving average price of $84.41 and a 200-day moving average price of $80.89.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the business earned $1.68 EPS. The business’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities analysts predict that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.28%.
EMN has been the topic of a number of recent research reports. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a report on Monday, April 17th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a report on Monday, May 1st. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a report on Thursday, May 25th. Jefferies Group LLC reaffirmed a “buy” rating and set a $90.00 price objective on shares of Eastman Chemical in a report on Friday, June 16th. Finally, BidaskClub raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Eastman Chemical has an average rating of “Buy” and a consensus target price of $89.89.
In other news, Director Lewis M. Kling sold 4,000 shares of the 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 owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the stock in a transaction on Thursday, August 3rd. The shares were 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. Corporate insiders own 1.14% of the company’s stock.
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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