California Public Employees Retirement System raised its stake in shares of Eastman Chemical Company (NYSE:EMN) by 7.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 367,713 shares of the basic materials company’s stock after buying an additional 24,857 shares during the quarter. California Public Employees Retirement System owned about 0.26% of Eastman Chemical worth $33,274,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in EMN. Janney Montgomery Scott LLC raised its stake in shares of Eastman Chemical by 3.6% in the third quarter. Janney Montgomery Scott LLC now owns 52,313 shares of the basic materials company’s stock worth $4,734,000 after purchasing an additional 1,797 shares during the last quarter. Cambria Investment Management L.P. purchased a new position in shares of Eastman Chemical in the third quarter worth $962,000. Cubist Systematic Strategies LLC raised its stake in shares of Eastman Chemical by 50.1% in the third quarter. Cubist Systematic Strategies LLC now owns 12,064 shares of the basic materials company’s stock worth $1,092,000 after purchasing an additional 4,027 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of Eastman Chemical by 32.6% in the third quarter. Janus Henderson Group PLC now owns 34,244 shares of the basic materials company’s stock worth $3,099,000 after purchasing an additional 8,412 shares during the last quarter. Finally, Caxton Associates LP purchased a new position in shares of Eastman Chemical in the third quarter worth $624,000. Institutional investors and hedge funds own 82.66% of the company’s stock.
In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of the business’s stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 1.14% of the company’s stock.
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 analysts’ consensus estimates of $2.03 by $0.16. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the business earned $1.86 earnings per share. Eastman Chemical’s revenue for the quarter was up 7.8% compared to the same quarter last year. equities analysts forecast that Eastman Chemical Company will post 7.12 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Monday, December 18th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.48%. The ex-dividend date is Friday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s payout ratio is currently 29.23%.
EMN has been the subject of several recent analyst reports. UBS boosted their price target on Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Thursday, October 26th. KeyCorp reiterated a “buy” rating and set a $108.00 price objective (up previously from $100.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Deutsche Bank upped their price objective on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 10th. Finally, J P Morgan Chase & Co upped their price objective on Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, October 30th. Ten research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $96.93.
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Eastman Chemical 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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