Glen Harbor Capital Management LLC increased its position in Eastman Chemical (NYSE:EMN) by 55.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 96,470 shares of the basic materials company’s stock after purchasing an additional 34,562 shares during the quarter. Glen Harbor Capital Management LLC owned approximately 0.07% of Eastman Chemical worth $10,185,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Balter Liquid Alternatives LLC bought a new position in Eastman Chemical in the fourth quarter worth approximately $115,000. Advisors Preferred LLC bought a new position in Eastman Chemical in the fourth quarter worth approximately $120,000. NuWave Investment Management LLC bought a new position in Eastman Chemical in the fourth quarter worth approximately $123,000. Vigilant Capital Management LLC bought a new position in Eastman Chemical in the fourth quarter worth approximately $126,000. Finally, Avestar Capital LLC bought a new position in Eastman Chemical in the fourth quarter worth approximately $129,000. 83.87% of the stock is currently owned by institutional investors.
Several research analysts recently issued reports on EMN shares. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 price objective on the stock in a research note on Wednesday, May 2nd. ValuEngine lowered Eastman Chemical from a “strong-buy” rating to a “buy” rating in a report on Monday, April 2nd. KeyCorp upped their target price on Eastman Chemical from $118.00 to $122.00 and gave the stock an “overweight” rating in a report on Monday, April 30th. SunTrust Banks upped their target price on Eastman Chemical to $105.00 and gave the stock a “hold” rating in a report on Monday, February 5th. They noted that the move was a valuation call. Finally, Citigroup upped their target price on Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a report on Monday, April 30th. Eight research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $105.40.
Shares of EMN opened at $108.69 on Tuesday. Eastman Chemical has a 12 month low of $78.39 and a 12 month high of $112.45. The company has a quick ratio of 0.99, a current ratio of 1.72 and a debt-to-equity ratio of 1.12. The firm has a market cap of $15.54 billion, a PE ratio of 14.28, a price-to-earnings-growth ratio of 1.36 and a beta of 1.22.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 26th. The basic materials company reported $2.23 EPS for the quarter, beating the consensus estimate of $2.09 by $0.14. Eastman Chemical had a return on equity of 22.14% and a net margin of 15.08%. The firm had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.47 billion. During the same quarter in the prior year, the business posted $1.83 EPS. The business’s revenue for the quarter was up 13.2% compared to the same quarter last year. analysts forecast that Eastman Chemical will post 8.58 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 6th. Stockholders of record on Friday, June 15th will be issued a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, June 14th. This represents a $2.24 annualized dividend and a dividend yield of 2.06%. Eastman Chemical’s dividend payout ratio is presently 29.43%.
In other news, Director David W. Raisbeck sold 4,000 shares of the stock in a transaction on Thursday, February 22nd. The stock was sold at an average price of $101.59, for a total transaction of $406,360.00. Following the completion of the sale, the director now owns 25,091 shares in the company, valued at approximately $2,548,994.69. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Damon Cary Warmack sold 2,710 shares of the stock in a transaction on Friday, February 23rd. The shares were 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 quarter, insiders have sold 101,359 shares of company stock valued at $10,340,017. Company insiders own 1.18% of the company’s stock.
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.
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