Meag Munich Ergo Kapitalanlagegesellschaft MBH boosted its position in shares of Eastman Chemical Company (NYSE:EMN) by 91.1% during the second quarter, according to its most recent filing with the SEC. The firm owned 136,664 shares of the basic materials company’s stock after buying an additional 65,148 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH owned approximately 0.09% of Eastman Chemical worth $11,376,000 as of its most recent filing with the SEC.
Several other large investors have also recently modified their holdings of EMN. Park National Corp OH boosted its stake in shares of Eastman Chemical by 1.1% in the first quarter. Park National Corp OH now owns 3,113 shares of the basic materials company’s stock worth $251,000 after buying an additional 35 shares during the last quarter. Jaffetilchin Investment Partners LLC boosted its stake in shares of Eastman Chemical by 0.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 5,431 shares of the basic materials company’s stock worth $439,000 after buying an additional 40 shares during the last quarter. Cleararc Capital Inc. boosted its stake in shares of Eastman Chemical by 1.3% in the first quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock worth $290,000 after buying an additional 46 shares during the last quarter. James Investment Research Inc. boosted its stake in shares of Eastman Chemical by 1.4% in the second quarter. James Investment Research Inc. now owns 4,023 shares of the basic materials company’s stock worth $338,000 after buying an additional 55 shares during the last quarter. Finally, B & T Capital Management DBA Alpha Capital Management boosted its position in Eastman Chemical by 1.1% in the second quarter. B & T Capital Management DBA Alpha Capital Management now owns 7,384 shares of the basic materials company’s stock valued at $620,000 after buying an additional 77 shares in the last quarter. 87.95% of the stock is currently owned by institutional investors.
Shares of Eastman Chemical Company (NYSE EMN) traded up 0.83% during mid-day trading on Tuesday, reaching $86.51. 367,990 shares of the company’s stock were exchanged. The firm has a market cap of $12.62 billion, a P/E ratio of 14.55 and a beta of 1.28. The company has a 50 day moving average price of $83.85 and a 200 day moving average price of $80.28. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.60.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.83 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.74 by $0.09. The company had revenue of $2.30 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Eastman Chemical had a net margin of 9.84% and a return on equity of 22.23%. Analysts forecast that Eastman Chemical Company will post $7.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th were given a dividend of $0.51 per share. The ex-dividend date of this dividend was Tuesday, June 13th. This represents a $2.04 annualized dividend and a yield of 2.38%. Eastman Chemical’s payout ratio is currently 33.83%.
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Several research firms have weighed in on EMN. Cowen and Company reissued a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a report on Friday, July 14th. Citigroup Inc. increased their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. Jefferies Group LLC reissued a “buy” rating on shares of Eastman Chemical in a report on Tuesday, July 11th. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price target on the stock in a report on Tuesday, July 4th. Finally, UBS AG reissued a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Five equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $86.00.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of the stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the completion of the sale, the director now owns 15,693 shares of the company’s stock, valued at approximately $1,253,556.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.14% of the company’s stock.
About Eastman Chemical
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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