Royal Bank of Canada boosted its stake in Eastman Chemical Company (NYSE:EMN) by 60.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 231,353 shares of the basic materials company’s stock after buying an additional 87,407 shares during the period. Royal Bank of Canada owned 0.16% of Eastman Chemical worth $19,432,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently modified their holdings of EMN. Spot Trading L.L.C. lifted its holdings in Eastman Chemical by 122.8% in the first quarter. Spot Trading L.L.C. now owns 9,367 shares of the basic materials company’s stock worth $757,000 after buying an additional 50,467 shares during the period. UBS Asset Management Americas Inc. lifted its holdings in Eastman Chemical by 10.5% in the first quarter. UBS Asset Management Americas Inc. now owns 438,572 shares of the basic materials company’s stock worth $35,437,000 after buying an additional 41,786 shares during the period. Victory Capital Management Inc. lifted its holdings in Eastman Chemical by 20.3% in the first quarter. Victory Capital Management Inc. now owns 18,525 shares of the basic materials company’s stock worth $1,497,000 after buying an additional 3,121 shares during the period. AXA lifted its holdings in shares of Eastman Chemical by 3.7% during the first quarter. AXA now owns 14,000 shares of the basic materials company’s stock valued at $1,131,000 after purchasing an additional 500 shares during the last quarter. Finally, United Services Automobile Association lifted its holdings in shares of Eastman Chemical by 3.7% during the first quarter. United Services Automobile Association now owns 51,221 shares of the basic materials company’s stock valued at $4,139,000 after purchasing an additional 1,834 shares during the last quarter. Institutional investors and hedge funds own 82.13% of the company’s stock.
Several research firms have recently issued reports on EMN. Jefferies Group LLC reiterated a “buy” rating and set a $96.00 target price on shares of Eastman Chemical in a report on Tuesday, October 3rd. KeyCorp reiterated a “buy” rating and set a $100.00 target price on shares of Eastman Chemical in a report on Wednesday, October 4th. Deutsche Bank AG lifted their target price on shares of Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Nomura lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 target price for the company. in a report on Tuesday. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Eastman Chemical has a consensus rating of “Hold” and an average price target of $93.25.
Eastman Chemical Company (EMN) opened at 88.15 on Thursday. Eastman Chemical Company has a one year low of $62.70 and a one year high of $91.39. The stock has a market capitalization of $12.77 billion, a price-to-earnings ratio of 14.15 and a beta of 1.27. The company has a 50-day moving average of $86.97 and a 200-day moving average of $83.17.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Zacks’ 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 company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the company posted $1.68 earnings per share. Eastman Chemical’s revenue for the quarter was up 5.3% compared to the same quarter last year. On average, equities analysts forecast that Eastman Chemical Company will post $7.35 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were given a dividend of $0.51 per share. The ex-dividend date was Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 2.31%. Eastman Chemical’s payout ratio is 32.28%.
In related news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the sale, the director now owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the 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 disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
Eastman Chemical Company Profile
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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