Nisa Investment Advisors LLC grew its position in Eastman Chemical (NYSE:EMN) by 8.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 89,699 shares of the basic materials company’s stock after buying an additional 6,974 shares during the period. Nisa Investment Advisors LLC owned approximately 0.06% of Eastman Chemical worth $8,586,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of the business. LSV Asset Management raised its holdings in 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 worth $503,115,000 after buying an additional 309,716 shares during the last quarter. Victory Capital Management Inc. raised its holdings in 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 worth $208,500,000 after buying an additional 7,043 shares during the last quarter. Northern Trust Corp raised its holdings in 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 worth $178,015,000 after buying an additional 38,246 shares during the last quarter. Allianz Asset Management GmbH raised its holdings in 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 worth $182,746,000 after buying an additional 169,568 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Eastman Chemical by 158.3% during 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 last quarter. 83.04% of the stock is owned by institutional investors and hedge funds.
EMN opened at $80.77 on Friday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.69 and a quick ratio of 0.95. Eastman Chemical has a twelve month low of $80.49 and a twelve month high of $112.45. The company has a market cap of $11.57 billion, a PE ratio of 10.61, a P/E/G ratio of 1.10 and a beta of 1.07.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 26th. The basic materials company reported $2.22 earnings per share for the quarter, beating the consensus estimate of $2.20 by $0.02. The firm had revenue of $2.62 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.98 earnings per share. As a group, research analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.
The firm 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. The ex-dividend date was Thursday, September 13th. This represents a $2.24 annualized dividend and a yield of 2.77%. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.
Several research analysts have recently weighed in on EMN shares. JPMorgan Chase & Co. cut shares of Eastman Chemical from an “overweight” rating to a “neutral” rating in a report on Friday, October 5th. Citigroup decreased their price objective on shares of Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a report on Thursday, October 11th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, October 8th. ValuEngine cut shares of Eastman Chemical from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. Finally, Morgan Stanley boosted their price objective on shares of Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a report on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $107.42.
In related news, insider Lucian Boldea sold 3,523 shares of the business’s stock in a transaction that occurred on Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total transaction of $364,912.34. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Scott V. King sold 16,192 shares of the business’s stock in a transaction that occurred 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 of the company’s stock, valued at $597,762.30. The disclosure for this sale can be found here. Insiders have sold 39,715 shares of company stock valued at $4,005,972 over the last 90 days. 1.14% of the stock is currently owned by company insiders.
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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