Bremer Trust National Association purchased a new position in shares of Eastman Chemical (NYSE:EMN) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 3,016 shares of the basic materials company’s stock, valued at approximately $280,000.
A number of other institutional investors have also made changes to their positions in the stock. Steward Partners Investment Advisory LLC acquired a new position in Eastman Chemical in the 3rd quarter worth $113,000. Acrospire Investment Management LLC lifted its holdings in Eastman Chemical by 1,500.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after buying an additional 1,500 shares in the last quarter. Psagot Investment House Ltd. lifted its holdings in Eastman Chemical by 60.0% in the 3rd quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock worth $145,000 after buying an additional 600 shares in the last quarter. M&R Capital Management Inc. lifted its holdings in Eastman Chemical by 62.9% in the 2nd quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after buying an additional 700 shares in the last quarter. Finally, VNBTrust National Association acquired a new position in Eastman Chemical in the 4th quarter worth $201,000. 82.49% of the stock is owned by hedge funds and other institutional investors.
EMN has been the topic of a number of recent analyst reports. UBS Group boosted their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Zacks Investment Research upgraded shares of Eastman Chemical from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. KeyCorp reiterated a “buy” rating and issued a $108.00 price objective (up previously from $100.00) on shares of Eastman Chemical in a report on Monday, October 30th. Deutsche Bank boosted their price objective on shares of Eastman Chemical from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 10th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Eastman Chemical from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Ten analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $98.60.
Shares of Eastman Chemical (NYSE EMN) opened at $97.43 on Friday. The stock has a market cap of $14,000.00, a PE ratio of 14.14, a PEG ratio of 1.44 and a beta of 1.31. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94. Eastman Chemical has a 12 month low of $74.78 and a 12 month high of $98.24.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.03 by $0.16. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.86 EPS. sell-side analysts forecast that Eastman Chemical will post 7.12 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Monday, December 18th were paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Friday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s dividend payout ratio is 32.51%.
In other news, SVP Perry Stuckey sold 5,200 shares of the company’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.14% of the company’s stock.
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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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