LS Investment Advisors LLC raised its stake in shares of Eastman Chemical Company (NYSE:EMN) by 8.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,422 shares of the basic materials company’s stock after buying an additional 330 shares during the period. LS Investment Advisors LLC’s holdings in Eastman Chemical were worth $371,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Harbour Capital Advisors LLC acquired a new stake in shares of Eastman Chemical during the first quarter valued at about $100,000. FTB Advisors Inc. raised its stake in shares of Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares during the period. Whittier Trust Co. raised its stake in shares of Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares during the period. Pathstone Family Office LLC acquired a new stake in shares of Eastman Chemical during the first quarter valued at about $158,000. Finally, Argent Trust Co acquired a new stake in shares of Eastman Chemical during the first quarter valued at about $209,000. 88.72% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Company (NYSE:EMN) traded down 0.05% during mid-day trading on Friday, hitting $83.21. The stock had a trading volume of 1,083,827 shares. The stock’s 50-day moving average is $84.41 and its 200-day moving average is $80.89. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $86.60. The firm has a market capitalization of $12.05 billion, a PE ratio of 13.35 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $1.68 earnings per share. Equities analysts expect that Eastman Chemical Company will post $7.51 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors 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 is currently 32.28%.
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EMN has been the topic of several recent analyst reports. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. TheStreet upgraded shares of Eastman Chemical from a “c+” rating to a “b” rating in a research note on Monday, April 17th. Citigroup Inc. boosted their target price on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. BidaskClub upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Finally, Jefferies Group LLC restated a “buy” rating and issued a $90.00 target price on shares of Eastman Chemical in a research note on Wednesday, July 5th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Eastman Chemical has an average rating of “Buy” and an average price target of $89.89.
In related news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction that occurred 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 of the company’s stock, valued at $1,253,556.84. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction that occurred 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. 1.14% of the stock is owned by insiders.
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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