Itau Unibanco Holding S.A. raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 14.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,708 shares of the basic materials company’s stock after acquiring an additional 740 shares during the period. Itau Unibanco Holding S.A.’s holdings in Eastman Chemical were worth $529,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in EMN. BlackRock Inc. lifted its stake 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 purchasing an additional 320,786 shares during the period. Ameriprise Financial Inc. lifted its stake 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 purchasing an additional 223,382 shares during the period. Dimensional Fund Advisors LP lifted its stake 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 purchasing an additional 87,674 shares during the period. Victory Capital Management Inc. lifted its stake 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 purchasing an additional 1,672,883 shares during the period. Finally, UBS Asset Management Americas Inc. raised its position in Eastman Chemical by 255.8% during the fourth quarter. UBS Asset Management Americas Inc. now owns 1,581,835 shares of the basic materials company’s stock worth $146,541,000 after acquiring an additional 1,137,278 shares during the period. Institutional investors and hedge funds own 84.90% of the company’s stock.
In other news, Director Stephen R. Demeritt sold 4,000 shares of the company’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $99.84, for a total transaction of $399,360.00. Following the completion of the sale, the director now owns 17,732 shares of the company’s stock, valued at $1,770,362.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Lucian Boldea sold 3,325 shares of the company’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $95.00, for a total transaction of $315,875.00. The disclosure for this sale can be found here. Insiders have sold 66,742 shares of company stock valued at $6,555,051 in the last ninety days. Insiders own 1.14% of the company’s stock.
A number of research firms have weighed in on EMN. Wells Fargo & Co restated an “outperform” rating and set a $115.00 price objective (up from $108.00) on shares of Eastman Chemical in a research report on Tuesday. Cowen restated an “outperform” rating and set a $115.00 price objective (up from $106.00) on shares of Eastman Chemical in a research report on Wednesday, February 7th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, February 6th. SunTrust Banks upped their price objective on shares of Eastman Chemical to $105.00 and gave the stock a “hold” rating in a research report on Monday, February 5th. They noted that the move was a valuation call. Finally, Barclays upped their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, February 5th. Nine analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Eastman Chemical has an average rating of “Hold” and a consensus target price of $102.60.
Shares of Eastman Chemical (EMN) opened at $100.29 on Wednesday. Eastman Chemical has a 1-year low of $76.02 and a 1-year high of $104.08. The stock has a market cap of $14,318.59, a price-to-earnings ratio of 9.91, a PEG ratio of 1.33 and a beta of 1.33. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.56. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the firm earned $1.51 earnings per share. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. equities research analysts forecast that Eastman Chemical will post 8.47 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend is Wednesday, March 14th. Eastman Chemical’s payout ratio is 22.13%.
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Eastman Chemical 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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