Luminus Management LLC reduced its position in shares of Eastman Chemical (NYSE:EMN) by 6.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 53,742 shares of the basic materials company’s stock after selling 3,498 shares during the quarter. Luminus Management LLC’s holdings in Eastman Chemical were worth $4,979,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. increased its holdings in shares of Eastman Chemical by 2.7% in the 4th quarter. BlackRock Inc. now owns 12,147,844 shares of the basic materials company’s stock valued at $1,125,377,000 after acquiring an additional 320,786 shares during the period. Ameriprise Financial Inc. increased its holdings in shares of Eastman Chemical by 8.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock valued at $265,234,000 after acquiring an additional 223,382 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Eastman Chemical by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock valued at $202,526,000 after acquiring an additional 87,674 shares during the period. Geode Capital Management LLC increased its holdings in shares of Eastman Chemical by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 1,799,218 shares of the basic materials company’s stock valued at $166,377,000 after acquiring an additional 34,079 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in shares of Eastman Chemical by 6,003.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock valued at $157,557,000 after acquiring an additional 1,672,883 shares during the period. Institutional investors own 85.59% of the company’s stock.
In other Eastman Chemical news, CFO Curtis E. Espeland sold 47,000 shares of Eastman Chemical stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $100.00, for a total transaction of $4,700,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Damon Cary Warmack sold 2,710 shares of Eastman Chemical stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $102.22, for a total value of $277,016.20. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 134,335 shares of company stock valued at $13,334,831. 1.14% of the stock is currently owned by insiders.
Shares of Eastman Chemical (NYSE:EMN) opened at $109.35 on Wednesday. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.59 and a quick ratio of 0.82. The firm has a market capitalization of $15,846.43, a price-to-earnings ratio of 14.55, a PEG ratio of 1.46 and a beta of 1.25. Eastman Chemical has a 52-week low of $76.02 and a 52-week high of $112.45.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.02% and a net margin of 15.44%. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the firm earned $1.51 EPS. The business’s quarterly revenue was up 8.0% on a year-over-year basis. research analysts expect that Eastman Chemical will post 8.53 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.56 per share. The ex-dividend date is Wednesday, March 14th. This represents a $2.24 dividend on an annualized basis and a yield of 2.05%. Eastman Chemical’s dividend payout ratio is currently 22.13%.
EMN has been the topic of a number of analyst reports. Wells Fargo & Co reiterated an “outperform” rating and issued a $115.00 price target (up from $108.00) on shares of Eastman Chemical in a report on Tuesday, February 20th. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Cowen reiterated an “outperform” rating and issued a $106.00 price target (up from $92.00) on shares of Eastman Chemical in a report on Friday, December 8th. KeyCorp reissued a “buy” rating and issued a $118.00 price objective (up previously from $108.00) on shares of Eastman Chemical in a research report on Monday, January 8th. Finally, Tudor Pickering started coverage on Eastman Chemical in a research report on Tuesday, November 14th. They issued a “hold” rating for the company. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. Eastman Chemical presently has a consensus rating of “Buy” and an average price target of $103.27.
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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