Oakbrook Investments LLC lowered its stake in Eastman Chemical Company (NYSE:EMN) by 8.7% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 11,550 shares of the basic materials company’s stock after selling 1,100 shares during the period. Oakbrook Investments LLC’s holdings in Eastman Chemical were worth $970,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of EMN. Harbour Capital Advisors LLC purchased a new stake in shares of Eastman Chemical during the first quarter valued at about $100,000. FTB Advisors Inc. increased 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 valued at $107,000 after buying an additional 199 shares in the last quarter. Whittier Trust Co. increased 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 valued at $143,000 after buying an additional 134 shares in the last quarter. Pathstone Family Office LLC acquired a new position in shares of Eastman Chemical during the first quarter valued at approximately $158,000. Finally, Argent Trust Co acquired a new position in shares of Eastman Chemical during the first quarter valued at approximately $209,000. 88.53% of the stock is currently owned by institutional investors and hedge funds.
Eastman Chemical Company (NYSE:EMN) traded up 0.16% during midday trading on Friday, reaching $82.90. The company’s stock had a trading volume of 1,015,352 shares. The firm’s 50-day moving average price is $84.47 and its 200-day moving average price is $81.08. The stock has a market capitalization of $12.01 billion, a PE ratio of 13.30 and a beta of 1.28. Eastman Chemical Company has a 52 week low of $62.70 and a 52 week high of $86.60.
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. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business’s revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.68 EPS. On average, analysts anticipate that Eastman Chemical Company will post $7.51 earnings per share for the current year.
The firm also recently announced 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. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 2.46%. Eastman Chemical’s payout ratio is currently 32.28%.
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Several equities research analysts have weighed in on EMN shares. Citigroup Inc. upped their target price on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. Cowen and Company restated a “buy” rating and set a $88.00 price objective on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $90.00 price objective for the company in a research note on Wednesday, June 7th. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Thursday, May 25th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $90.00 price target on shares of Eastman Chemical in a research note on Wednesday, July 5th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $89.89.
In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the completion of the transaction, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The disclosure for this sale can be found here. 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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