Pinebridge Investments L.P. increased its stake in Eastman Chemical (NYSE:EMN) by 352.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 38,134 shares of the basic materials company’s stock after acquiring an additional 29,713 shares during the period. Pinebridge Investments L.P.’s holdings in Eastman Chemical were worth $3,533,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Balter Liquid Alternatives LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $115,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $113,000. NuWave Investment Management LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $123,000. Vigilant Capital Management LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $126,000. Finally, Psagot Investment House Ltd. lifted its stake in shares of Eastman Chemical by 60.0% in the 3rd quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock valued at $145,000 after acquiring an additional 600 shares during the last quarter. 84.13% of the stock is owned by institutional investors.
In other Eastman Chemical news, insider Lucian Boldea sold 3,325 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $95.00, for a total transaction of $315,875.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Stephen R. Demeritt sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total value of $399,360.00. Following the transaction, the director now owns 17,732 shares in the company, valued at approximately $1,770,362.88. The disclosure for this sale can be found here. Insiders have sold a total of 66,742 shares of company stock valued at $6,555,051 in the last ninety days. 1.14% of the stock is currently owned by corporate insiders.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating analysts’ consensus estimates of $1.06 by $0.56. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical had a return on equity of 22.67% and a net margin of 15.44%. Eastman Chemical’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.51 EPS. equities research analysts forecast that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Shareholders of record on Thursday, March 15th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Wednesday, March 14th. Eastman Chemical’s payout ratio is 22.13%.
A number of equities research analysts have recently weighed in on the company. Wells Fargo & Co reissued an “outperform” rating and issued a $102.00 target price (up previously from $94.00) on shares of Eastman Chemical in a research note on Monday, October 30th. They noted that the move was a valuation call. Cowen reissued an “outperform” rating and issued a $106.00 target price (up previously from $92.00) on shares of Eastman Chemical in a research note on Friday, December 8th. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Royal Bank of Canada reissued a “sector perform” rating and issued a $93.00 target price (up previously from $91.00) on shares of Eastman Chemical in a research note on Monday, October 30th. Finally, Barclays boosted their target price on Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, February 5th. Nine equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $101.73.
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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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