HAP Trading LLC increased its stake in shares of Eastman Chemical (NYSE:EMN) by 61.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,670 shares of the basic materials company’s stock after acquiring an additional 54,704 shares during the quarter. HAP Trading LLC’s holdings in Eastman Chemical were worth $13,310,000 at the end of the most recent quarter.
A number of other large investors also recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Eastman Chemical by 2.7% during the 4th quarter. BlackRock Inc. now owns 12,147,844 shares of the basic materials company’s stock worth $1,125,377,000 after acquiring an additional 320,786 shares in the last quarter. Ameriprise Financial Inc. raised its stake in Eastman Chemical by 8.3% during the 3rd quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock worth $265,234,000 after acquiring an additional 223,382 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Eastman Chemical by 4.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock worth $202,526,000 after acquiring an additional 87,674 shares in the last quarter. Victory Capital Management Inc. raised its stake in Eastman Chemical by 6,003.3% during the 4th quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock worth $157,557,000 after acquiring an additional 1,672,883 shares in the last quarter. Finally, UBS Asset Management Americas Inc. raised its stake in Eastman Chemical by 255.8% during the 4th quarter. UBS Asset Management Americas Inc. now owns 1,581,835 shares of the basic materials company’s stock worth $146,541,000 after acquiring an additional 1,137,278 shares in the last quarter. Hedge funds and other institutional investors own 84.90% of the company’s stock.
Several brokerages recently commented on EMN. Wells Fargo & Co reiterated an “outperform” rating and set a $102.00 price target (up 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 set a $106.00 price objective (up from $92.00) on shares of Eastman Chemical in a research report on Friday, December 8th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday, February 6th. Royal Bank of Canada reissued a “sector perform” rating and set a $93.00 price objective (up from $91.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Finally, Barclays raised their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock an “equal weight” rating in a research report on Monday, February 5th. Nine analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Eastman Chemical has an average rating of “Hold” and a consensus target price of $101.73.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.56. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 earnings per share. equities analysts anticipate that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Stockholders of record on Thursday, March 15th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 2.24%. The ex-dividend date is Wednesday, March 14th. Eastman Chemical’s payout ratio is 22.13%.
In other news, insider Damon Cary Warmack sold 4,417 shares of Eastman Chemical stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $98.60, for a total value of $435,516.20. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Lucian Boldea sold 3,325 shares of Eastman Chemical stock in a transaction dated Friday, February 9th. The shares were sold at an average price of $95.00, for a total transaction of $315,875.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 66,742 shares of company stock worth $6,555,051. Insiders own 1.14% of the company’s stock.
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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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