Denver Investment Advisors LLC lowered its stake in Eastman Chemical Company (NYSE:EMN) by 1.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 22,593 shares of the basic materials company’s stock after selling 282 shares during the period. Denver Investment Advisors LLC’s holdings in Eastman Chemical were worth $1,897,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in the company. Jaffetilchin Investment Partners LLC increased 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 valued at $439,000 after buying an additional 40 shares in the last quarter. Cleararc Capital Inc. increased 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 valued at $290,000 after buying an additional 46 shares in the last quarter. HL Financial Services LLC increased its stake in shares of Eastman Chemical by 0.4% in the second quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock valued at $945,000 after buying an additional 49 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Eastman Chemical by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock valued at $349,000 after buying an additional 50 shares in the last quarter. Finally, Contravisory Investment Management Inc. increased its stake in shares of Eastman Chemical by 1.6% in the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock valued at $277,000 after buying an additional 52 shares in the last quarter. Institutional investors and hedge funds own 88.53% of the company’s stock.
Eastman Chemical Company (NYSE EMN) opened at 82.77 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 $11.99 billion, a P/E ratio of 13.28 and a beta of 1.28. The firm has a 50-day moving average price of $84.48 and a 200 day moving average price of $81.05.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the company posted $1.68 earnings per share. The company’s revenue was up 5.3% compared to the same quarter last year. On average, analysts predict that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.46%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.28%.
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Several brokerages recently weighed in on EMN. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, May 19th. UBS AG restated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Eastman Chemical in a research report on Sunday, June 25th. Citigroup Inc. upped their price objective on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 12th. Cowen and Company upped their price objective on Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research report on Monday, August 7th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $85.00 price objective on shares of Eastman Chemical in a research report on Monday, June 5th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus 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 dated Wednesday, May 31st. The stock was 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 $1,253,556.84. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. 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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