Todd Asset Management LLC Boosts Stake in Eastman Chemical (EMN)

Todd Asset Management LLC lifted its position in shares of Eastman Chemical (NYSE:EMN) by 23.0% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 178,989 shares of the basic materials company’s stock after buying an additional 33,434 shares during the quarter. Todd Asset Management LLC owned about 0.13% of Eastman Chemical worth $18,897,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. MetLife Investment Advisors LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth $4,120,000. Ifrah Financial Services Inc. lifted its holdings in shares of Eastman Chemical by 19.8% during the fourth quarter. Ifrah Financial Services Inc. now owns 4,984 shares of the basic materials company’s stock worth $462,000 after buying an additional 823 shares in the last quarter. American International Group Inc. raised its stake in Eastman Chemical by 7.3% in the fourth quarter. American International Group Inc. now owns 67,324 shares of the basic materials company’s stock valued at $6,237,000 after purchasing an additional 4,569 shares in the last quarter. Mackenzie Financial Corp raised its stake in Eastman Chemical by 1,621.2% in the fourth quarter. Mackenzie Financial Corp now owns 146,300 shares of the basic materials company’s stock valued at $13,553,000 after purchasing an additional 137,800 shares in the last quarter. Finally, HAP Trading LLC raised its stake in Eastman Chemical by 61.5% in the fourth quarter. HAP Trading LLC now owns 143,670 shares of the basic materials company’s stock valued at $13,310,000 after purchasing an additional 54,704 shares in the last quarter. 83.87% of the stock is owned by institutional investors.

EMN has been the subject of a number of analyst reports. 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 research note on Tuesday, February 20th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 price target for the company in a research note on Wednesday, May 2nd. ValuEngine downgraded Eastman Chemical from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 2nd. Jefferies Group reaffirmed a “buy” rating on shares of Eastman Chemical in a research note on Friday, March 9th. Finally, SunTrust Banks boosted their price target on Eastman Chemical to $105.00 and gave the company a “hold” rating in a research note on Monday, February 5th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Eastman Chemical has an average rating of “Buy” and an average price target of $105.40.

Shares of NYSE EMN opened at $106.26 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.72 and a quick ratio of 0.99. The stock has a market cap of $15.30 billion, a price-to-earnings ratio of 13.96, a price-to-earnings-growth ratio of 1.34 and a beta of 1.22. Eastman Chemical has a 12 month low of $78.59 and a 12 month high of $112.45.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 26th. The basic materials company reported $2.23 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.09 by $0.14. The firm had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.47 billion. Eastman Chemical had a return on equity of 22.14% and a net margin of 15.08%. The business’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.83 earnings per share. sell-side analysts predict that Eastman Chemical will post 8.58 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 6th. Shareholders of record on Friday, June 15th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.11%. The ex-dividend date of this dividend is Thursday, June 14th. Eastman Chemical’s payout ratio is 29.43%.

In other news, CFO Curtis E. Espeland sold 47,000 shares of the business’s stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $100.00, for a total transaction of $4,700,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Gary E. Anderson sold 4,000 shares of the business’s stock in a transaction dated Thursday, March 1st. The stock was sold at an average price of $100.00, for a total value of $400,000.00. Following the sale, the director now owns 17,271 shares in the company, valued at $1,727,100. The disclosure for this sale can be found here. In the last three months, insiders have sold 94,649 shares of company stock valued at $9,656,641. Insiders own 1.14% of the company’s stock.

Eastman Chemical Company 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.

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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