South Dakota Investment Council decreased its stake in shares of Eastman Chemical (NYSE:EMN) by 16.9% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 304,514 shares of the basic materials company’s stock after selling 61,799 shares during the period. South Dakota Investment Council owned 0.21% of Eastman Chemical worth $32,151,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Synovus Financial Corp raised its holdings in shares of Eastman Chemical by 9.1% in the 1st quarter. Synovus Financial Corp now owns 5,811 shares of the basic materials company’s stock valued at $610,000 after acquiring an additional 484 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Eastman Chemical by 3.2% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 17,330 shares of the basic materials company’s stock valued at $1,605,000 after acquiring an additional 534 shares in the last quarter. IFP Advisors Inc raised its holdings in shares of Eastman Chemical by 9.7% in the 1st quarter. IFP Advisors Inc now owns 6,192 shares of the basic materials company’s stock valued at $654,000 after acquiring an additional 547 shares in the last quarter. US Bancorp DE raised its holdings in shares of Eastman Chemical by 1.1% in the 4th quarter. US Bancorp DE now owns 50,472 shares of the basic materials company’s stock valued at $4,675,000 after acquiring an additional 551 shares in the last quarter. Finally, Twin Tree Management LP raised its holdings in shares of Eastman Chemical by 72.6% in the 1st quarter. Twin Tree Management LP now owns 1,310 shares of the basic materials company’s stock valued at $138,000 after acquiring an additional 551 shares in the last quarter. 83.87% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE EMN opened at $107.85 on Thursday. The stock has a market cap of $15.47 billion, a P/E ratio of 14.17, a PEG ratio of 1.35 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 has a 1-year low of $78.59 and a 1-year high of $112.45.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 26th. The basic materials company reported $2.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.09 by $0.14. The company had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.47 billion. Eastman Chemical had a return on equity of 22.14% and a net margin of 15.08%. Eastman Chemical’s revenue for the quarter was up 13.2% compared to the same quarter last year. During the same period last year, the firm posted $1.83 EPS. equities analysts expect that Eastman Chemical will post 8.58 earnings per share for the current year.
The business also recently declared 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. The ex-dividend date is Thursday, June 14th. This represents a $2.24 annualized dividend and a yield of 2.08%. Eastman Chemical’s payout ratio is 29.43%.
In related news, EVP Brad A. Lich sold 12,066 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Damon Cary Warmack sold 2,710 shares of the firm’s stock in a transaction that occurred on 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. Over the last 90 days, insiders have sold 97,359 shares of company stock worth $9,933,657. 1.14% of the stock is owned by corporate insiders.
Several analysts have weighed in on EMN shares. Barclays raised their price target on Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. SunTrust Banks raised their price target on Eastman Chemical to $105.00 and gave the company a “hold” rating in a report on Monday, February 5th. They noted that the move was a valuation call. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, February 6th. Cowen reaffirmed an “outperform” rating and issued a $115.00 price target (up previously from $106.00) on shares of Eastman Chemical in a report on Wednesday, February 7th. Finally, Wells Fargo & Co reaffirmed an “outperform” rating and issued a $115.00 price target (up previously from $108.00) on shares of Eastman Chemical in a report on Tuesday, February 20th. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $105.40.
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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