Gulf International Bank UK Ltd decreased its position in Eastman Chemical (NYSE:EMN) by 1.1% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 44,243 shares of the basic materials company’s stock after selling 500 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Eastman Chemical were worth $4,671,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. Teacher Retirement System of Texas raised its position in shares of Eastman Chemical by 26.4% in the first quarter. Teacher Retirement System of Texas now owns 286,302 shares of the basic materials company’s stock valued at $30,228,000 after purchasing an additional 59,741 shares during the period. Intact Investment Management Inc. raised its position in shares of Eastman Chemical by 41.5% in the first quarter. Intact Investment Management Inc. now owns 22,500 shares of the basic materials company’s stock valued at $2,376,000 after purchasing an additional 6,600 shares during the period. US Bancorp DE raised its position in shares of Eastman Chemical by 4.8% in the first quarter. US Bancorp DE now owns 52,883 shares of the basic materials company’s stock valued at $5,583,000 after purchasing an additional 2,411 shares during the period. Riverhead Capital Management LLC raised its position in shares of Eastman Chemical by 55.6% in the first quarter. Riverhead Capital Management LLC now owns 109,292 shares of the basic materials company’s stock valued at $11,539,000 after purchasing an additional 39,065 shares during the period. Finally, Signaturefd LLC bought a new position in shares of Eastman Chemical in the first quarter valued at approximately $203,000. 83.87% of the stock is currently owned by institutional investors.
A number of equities analysts have recently commented on EMN shares. Barclays lifted their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, February 5th. SunTrust Banks lifted their price target on shares of Eastman Chemical to $105.00 and gave the company a “hold” rating in a research report on Monday, February 5th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, February 6th. Cowen reissued an “outperform” rating and issued a $115.00 price target (up previously from $106.00) on shares of Eastman Chemical in a research report on Wednesday, February 7th. Finally, Wells Fargo reissued an “outperform” rating and issued a $115.00 price target (up previously from $108.00) on shares of Eastman Chemical in a research report on Tuesday, February 20th. Eight investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. Eastman Chemical currently has an average rating of “Buy” and a consensus price target of $105.40.
Shares of Eastman Chemical opened at $108.95 on Monday, Marketbeat.com reports. Eastman Chemical has a 1 year low of $77.48 and a 1 year high of $112.45. The firm has a market cap of $15.54 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.36 and a beta of 1.22. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.99 and a current ratio of 1.72.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 26th. The basic materials company reported $2.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.09 by $0.14. Eastman Chemical had a net margin of 15.08% and a return on equity of 22.14%. The business had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the previous year, the firm posted $1.83 earnings per share. Eastman Chemical’s revenue was up 13.2% compared to the same quarter last year. analysts predict that Eastman Chemical will post 8.58 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 6th. Investors of record on Friday, June 15th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Thursday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 29.43%.
In related news, Director Gary E. Anderson sold 4,000 shares of the business’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $100.00, for a total transaction of $400,000.00. Following the transaction, the director now owns 17,271 shares of the company’s stock, valued at $1,727,100. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Brad A. Lich sold 12,066 shares of the business’s stock in a transaction on Wednesday, May 9th. The stock was sold at an average price of $105.75, for a total transaction of $1,275,979.50. Following the transaction, the executive vice president now directly owns 18,997 shares in the company, valued at approximately $2,008,932.75. The disclosure for this sale can be found here. Insiders have sold 101,359 shares of company stock worth $10,340,017 in the last ninety days. 1.18% of the stock is currently owned by insiders.
Eastman Chemical Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical (NYSE:EMN).
Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.