Huntington National Bank raised its position in Eastman Chemical Company (NYSE:EMN) by 4.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,010 shares of the basic materials company’s stock after buying an additional 962 shares during the period. Huntington National Bank’s holdings in Eastman Chemical were worth $2,100,000 as of its most recent filing with the SEC.
Several other large investors have also bought and sold shares of EMN. Raymond James Trust N.A. raised its stake in Eastman Chemical by 13.7% in the first quarter. Raymond James Trust N.A. now owns 26,975 shares of the basic materials company’s stock worth $2,179,000 after buying an additional 3,249 shares in the last quarter. Contravisory Investment Management Inc. acquired a new stake in Eastman Chemical during the first quarter worth $262,000. Denali Advisors LLC raised its stake in Eastman Chemical by 42.3% in the first quarter. Denali Advisors LLC now owns 30,600 shares of the basic materials company’s stock worth $2,472,000 after buying an additional 9,100 shares in the last quarter. CENTRAL TRUST Co raised its stake in Eastman Chemical by 43.2% in the first quarter. CENTRAL TRUST Co now owns 2,983 shares of the basic materials company’s stock worth $241,000 after buying an additional 900 shares in the last quarter. Finally, Chevy Chase Trust Holdings Inc. raised its stake in Eastman Chemical by 2.8% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 127,714 shares of the basic materials company’s stock worth $10,319,000 after buying an additional 3,515 shares in the last quarter. Institutional investors own 88.72% of the company’s stock.
Eastman Chemical Company (EMN) opened at 83.21 on Friday. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $86.60. The company has a market capitalization of $12.05 billion, a P/E ratio of 13.35 and a beta of 1.28. The stock’s 50 day moving average is $84.41 and its 200-day moving average is $80.89.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating 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 period in the previous year, the company earned $1.68 earnings per share. The firm’s quarterly revenue was up 5.3% on a year-over-year basis. Analysts predict that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.45%. Eastman Chemical’s payout ratio is 32.28%.
Several research firms have commented on EMN. Cowen and Company reiterated a “buy” rating and issued a $88.00 price objective on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical in a research note on Wednesday, June 21st. BidaskClub lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Citigroup Inc. increased their price objective on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $89.89.
In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lewis M. Kling sold 4,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now directly owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The disclosure for this sale can be found here. 1.14% of the stock is 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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