Regentatlantic Capital LLC increased its position in shares of Eastman Chemical Company (NYSE:EMN) by 26.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,133 shares of the basic materials company’s stock after purchasing an additional 1,895 shares during the period. Regentatlantic Capital LLC’s holdings in Eastman Chemical were worth $826,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in EMN. BlackRock Inc. boosted its stake in shares of Eastman Chemical by 6.3% during the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock worth $1,023,514,000 after purchasing an additional 717,506 shares during the period. Parametric Portfolio Associates LLC boosted its stake in shares of Eastman Chemical by 249.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 759,967 shares of the basic materials company’s stock worth $63,830,000 after purchasing an additional 542,349 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Eastman Chemical during the 3rd quarter worth about $42,235,000. PGGM Investments boosted its stake in shares of Eastman Chemical by 259.5% during the 3rd quarter. PGGM Investments now owns 333,625 shares of the basic materials company’s stock worth $30,190,000 after purchasing an additional 240,832 shares during the period. Finally, APG Asset Management N.V. boosted its stake in shares of Eastman Chemical by 29.4% during the 3rd quarter. APG Asset Management N.V. now owns 957,213 shares of the basic materials company’s stock worth $86,618,000 after purchasing an additional 217,600 shares during the period. 82.76% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently commented on EMN. UBS AG lifted their price target on shares of Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday. KeyCorp reissued an “overweight” rating and issued a $108.00 price objective (up from $100.00) on shares of Eastman Chemical in a research report on Monday. Wells Fargo & Company reissued an “outperform” rating and issued a $102.00 price objective (up from $94.00) on shares of Eastman Chemical in a research report on Monday. They noted that the move was a valuation call. Royal Bank Of Canada boosted their price objective on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a “sector perform” rating in a research report on Monday. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $96.00 price objective on shares of Eastman Chemical in a research report on Tuesday, October 3rd. Nine analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $95.36.
Eastman Chemical Company (NYSE:EMN) traded down 0.694% during midday trading on Monday, hitting $92.355. 51,067 shares of the stock traded hands. Eastman Chemical Company has a 12-month low of $69.34 and a 12-month high of $94.96. The company’s 50-day moving average is $88.25 and its 200 day moving average is $83.94. The firm has a market cap of $13.38 billion, a P/E ratio of 14.822 and a beta of 1.27.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.16. Eastman Chemical had a net margin of 10.89% and a return on equity of 23.20%. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the firm posted $1.86 earnings per share. The business’s revenue for the quarter was up 7.8% compared to the same quarter last year. On average, analysts anticipate that Eastman Chemical Company will post $7.34 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.19%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s payout ratio is 29.23%.
In other news, insider Mark K. Cox sold 1,400 shares of the firm’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 value of $117,936.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of the firm’s 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 transaction, the director now directly owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Company insiders own 1.14% of the company’s stock.
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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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