Murphy Capital Management Inc. decreased its stake in Eastman Chemical Company (NYSE:EMN) by 6.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,949 shares of the basic materials company’s stock after selling 450 shares during the period. Murphy Capital Management Inc.’s holdings in Eastman Chemical were worth $583,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in EMN. Vanguard Group Inc. increased its stake in shares of Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares in the last quarter. BlackRock Inc. increased its stake in shares of Eastman Chemical by 3,636.5% in the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after buying an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. acquired a new stake in Eastman Chemical during the first quarter worth approximately $102,065,000. State Street Corp boosted its stake in Eastman Chemical by 3.6% in the first quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock worth $591,539,000 after buying an additional 257,030 shares during the period. Finally, LSV Asset Management boosted its stake in Eastman Chemical by 5.3% in the first quarter. LSV Asset Management now owns 3,812,967 shares of the basic materials company’s stock worth $308,087,000 after buying an additional 192,409 shares during the period. 88.53% of the stock is currently owned by institutional investors.
Shares of Eastman Chemical Company (NYSE EMN) traded up 0.16% on Friday, reaching $82.90. 1,015,352 shares of the company were exchanged. The company has a market capitalization of $12.01 billion, a P/E ratio of 13.30 and a beta of 1.28. The stock has a 50 day moving average of $84.47 and a 200-day moving average of $81.08. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.60.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company’s quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the business earned $1.68 earnings per share. On average, analysts predict that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The company 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 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 Thursday, September 14th. Eastman Chemical’s payout ratio is 32.28%.
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A number of equities research analysts have recently commented on EMN shares. Deutsche Bank AG restated a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research report on Thursday, May 25th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a research report on Monday, May 22nd. Jefferies Group LLC restated a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a research report on Friday, June 16th. BidaskClub upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Finally, UBS AG restated a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Eastman Chemical in a research report on Sunday, June 25th. Six equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $89.89.
In related news, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director now directly owns 15,693 shares in the company, valued at approximately $1,253,556.84. 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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