NN Investment Partners Holdings N.V. lowered its stake in shares of Eastman Chemical Company (NYSE:EMN) by 31.3% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 43,037 shares of the basic materials company’s stock after selling 19,627 shares during the period. NN Investment Partners Holdings N.V.’s holdings in Eastman Chemical were worth $3,615,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in the stock. Renaissance Technologies LLC bought a new stake in shares of Eastman Chemical during the fourth quarter worth $12,360,000. Quadrature Capital Ltd bought a new stake in shares of Eastman Chemical during the fourth quarter worth $1,015,000. Aldebaran Financial Inc. boosted its stake in shares of Eastman Chemical by 3.0% in the fourth quarter. Aldebaran Financial Inc. now owns 35,668 shares of the basic materials company’s stock worth $2,683,000 after buying an additional 1,024 shares during the last quarter. UBS Asset Management Americas Inc. boosted its stake in shares of Eastman Chemical by 3.4% in the fourth quarter. UBS Asset Management Americas Inc. now owns 396,786 shares of the basic materials company’s stock worth $29,841,000 after buying an additional 12,905 shares during the last quarter. Finally, HighPoint Advisor Group LLC bought a new stake in shares of Eastman Chemical during the fourth quarter worth $725,000. Hedge funds and other institutional investors own 88.72% of the company’s stock.
Shares of Eastman Chemical Company (EMN) traded down 0.05% during trading on Friday, reaching $83.21. The company’s stock had a trading volume of 1,083,827 shares. The company has a market capitalization of $12.05 billion, a P/E ratio of 13.35 and a beta of 1.28. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60. The company’s 50-day moving average is $84.40 and its 200-day moving average is $80.85.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the company posted $1.68 EPS. Eastman Chemical’s revenue was up 5.3% on a year-over-year basis. On average, analysts forecast that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.45%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is presently 32.28%.
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A number of analysts have recently weighed in on the company. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, June 30th. TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a report on Monday, April 17th. Citigroup Inc. increased their price objective on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. BidaskClub raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical in a report on Wednesday, July 5th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $89.89.
In other Eastman Chemical news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by insiders.
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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