Alpha Windward LLC grew its position in Eastman Chemical (NYSE:EMN) by 16.9% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,818 shares of the basic materials company’s stock after purchasing an additional 840 shares during the quarter. Alpha Windward LLC’s holdings in Eastman Chemical were worth $557,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. LSV Asset Management raised its position in shares of Eastman Chemical by 6.6% in the second quarter. LSV Asset Management now owns 5,033,170 shares of the basic materials company’s stock valued at $503,115,000 after purchasing an additional 309,716 shares during the period. Victory Capital Management Inc. raised its position in shares of Eastman Chemical by 0.3% in the second quarter. Victory Capital Management Inc. now owns 2,085,840 shares of the basic materials company’s stock valued at $208,500,000 after purchasing an additional 7,043 shares during the period. Northern Trust Corp raised its position in shares of Eastman Chemical by 2.2% in the second quarter. Northern Trust Corp now owns 1,780,880 shares of the basic materials company’s stock valued at $178,015,000 after purchasing an additional 38,246 shares during the period. Allianz Asset Management GmbH raised its position in shares of Eastman Chemical by 10.9% in the first quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock valued at $182,746,000 after purchasing an additional 169,568 shares during the period. Finally, Morgan Stanley raised its position in shares of Eastman Chemical by 158.3% in the second quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock valued at $121,546,000 after purchasing an additional 745,156 shares during the period. 83.05% of the stock is currently owned by institutional investors.
In other Eastman Chemical news, CAO Scott V. King sold 16,192 shares of Eastman Chemical stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the sale, the chief accounting officer now owns 5,898 shares in the company, valued at $597,762.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark J. Costa sold 20,000 shares of Eastman Chemical stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the sale, the chief executive officer now owns 190,584 shares in the company, valued at approximately $19,058,400. The disclosure for this sale can be found here. Insiders have sold 39,715 shares of company stock worth $4,005,972 in the last ninety days. 1.18% of the stock is currently owned by insiders.
EMN stock traded down $1.46 on Thursday, reaching $81.87. 1,270,200 shares of the company were exchanged, compared to its average volume of 1,099,032. Eastman Chemical has a 12 month low of $81.36 and a 12 month high of $112.45. The firm has a market capitalization of $13.52 billion, a P/E ratio of 10.98, a price-to-earnings-growth ratio of 1.28 and a beta of 1.07. The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.04.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 26th. The basic materials company reported $2.22 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.20 by $0.02. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same quarter in the previous year, the firm posted $1.98 earnings per share. Eastman Chemical’s revenue was up 8.4% compared to the same quarter last year. Equities research analysts anticipate that Eastman Chemical will post 8.57 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 5th. Investors of record on Friday, September 14th were given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date was Thursday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is currently 29.43%.
A number of equities analysts have recently commented on the stock. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research report on Tuesday, July 3rd. ValuEngine lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Nomura dropped their price target on shares of Eastman Chemical from $111.00 to $99.00 and set a “neutral” rating on the stock in a research report on Monday. JPMorgan Chase & Co. raised shares of Eastman Chemical from a “neutral” rating to an “overweight” rating in a research report on Friday, October 12th. Finally, Morgan Stanley boosted their target price on shares of Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $107.42.
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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