LPL Financial LLC grew its stake in Eastman Chemical (NYSE:EMN) by 29.7% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 45,916 shares of the basic materials company’s stock after buying an additional 10,505 shares during the quarter. LPL Financial LLC’s holdings in Eastman Chemical were worth $4,848,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Twin Tree Management LP boosted its stake 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 buying an additional 551 shares during the period. Icon Wealth Partners LLC purchased a new position in shares of Eastman Chemical in the 4th quarter valued at about $138,000. Avestar Capital LLC purchased a new position in shares of Eastman Chemical in the 4th quarter valued at about $129,000. Tower Research Capital LLC TRC raised its position in shares of Eastman Chemical by 567.1% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,521 shares of the basic materials company’s stock worth $141,000 after acquiring an additional 1,293 shares in the last quarter. Finally, Tiverton Asset Management LLC raised its position in shares of Eastman Chemical by 48.3% during the 1st quarter. Tiverton Asset Management LLC now owns 1,829 shares of the basic materials company’s stock worth $193,000 after acquiring an additional 596 shares in the last quarter. Institutional investors and hedge funds own 83.80% of the company’s stock.
Several equities research analysts have recently weighed in on EMN shares. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research report on Wednesday, May 2nd. ValuEngine lowered Eastman Chemical from a “strong-buy” rating to a “buy” rating in a research report on Monday, April 2nd. Jefferies Financial Group reissued a “buy” rating on shares of Eastman Chemical in a research report on Friday, March 9th. Royal Bank of Canada reissued a “hold” rating and set a $103.00 target price on shares of Eastman Chemical in a research report on Tuesday, April 17th. Finally, Citigroup raised their target price on Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a research report on Monday, April 30th. Nine investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $105.40.
In other Eastman Chemical news, insider Mark K. Cox sold 13,100 shares of Eastman Chemical stock in a transaction that occurred on Monday, May 7th. The stock was sold at an average price of $105.19, for a total transaction of $1,377,989.00. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Brad A. Lich sold 12,066 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, May 9th. The stock was sold at an average price of $105.75, for a total value 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,766 shares of company stock worth $3,560,237. 1.18% of the stock is currently owned by corporate insiders.
Eastman Chemical opened at $100.31 on Tuesday, according to Marketbeat. The company has a market cap of $14.56 billion, a price-to-earnings ratio of 13.18, a PEG ratio of 1.27 and a beta of 1.21. Eastman Chemical has a 52 week low of $81.91 and a 52 week high of $112.45. The company has a current ratio of 1.72, a quick ratio of 0.99 and a debt-to-equity ratio of 1.12.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 26th. The basic materials company reported $2.23 EPS for the quarter, topping the consensus estimate of $2.09 by $0.14. The company had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.47 billion. Eastman Chemical had a return on equity of 22.14% and a net margin of 15.08%. The firm’s revenue was up 13.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.83 earnings per share. equities analysts predict that Eastman Chemical will post 8.57 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 6th. Shareholders of record on Friday, June 15th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.23%. The ex-dividend date of this dividend is Thursday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.
About Eastman Chemical
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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