Eastman Chemical Co. (EMN) Shares Sold by Public Employees Retirement Association of Colorado
Public Employees Retirement Association of Colorado reduced its stake in shares of Eastman Chemical Co. (NYSE:EMN) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 329,096 shares of the company’s stock after selling 1,469 shares during the period. Public Employees Retirement Association of Colorado owned approximately 0.22% of Eastman Chemical worth $22,346,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Retirement Systems of Alabama raised its stake in Eastman Chemical by 434.5% in the second quarter. Retirement Systems of Alabama now owns 405,273 shares of the company’s stock valued at $27,518,000 after buying an additional 329,452 shares in the last quarter. State Street Corp raised its stake in Eastman Chemical by 5.3% in the first quarter. State Street Corp now owns 6,255,812 shares of the company’s stock valued at $451,861,000 after buying an additional 312,926 shares in the last quarter. Boston Advisors LLC raised its stake in Eastman Chemical by 1,926.9% in the second quarter. Boston Advisors LLC now owns 209,785 shares of the company’s stock valued at $14,244,000 after buying an additional 199,435 shares in the last quarter. Hancock Holding Co. raised its stake in Eastman Chemical by 369.6% in the first quarter. Hancock Holding Co. now owns 211,051 shares of the company’s stock valued at $15,243,000 after buying an additional 166,109 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. raised its stake in Eastman Chemical by 725.0% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 174,810 shares of the company’s stock valued at $11,869,000 after buying an additional 153,621 shares in the last quarter. Hedge funds and other institutional investors own 84.06% of the company’s stock.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 1.65% during midday trading on Tuesday, hitting $65.09. The company’s stock had a trading volume of 657,629 shares. The firm has a market cap of $9.61 billion, a P/E ratio of 10.96 and a beta of 1.53. The stock’s 50 day moving average is $66.35 and its 200-day moving average is $70.22. Eastman Chemical Co. has a 52-week low of $56.03 and a 52-week high of $78.79.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 28th. The company reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by $0.05. The company earned $2.30 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same period last year, the firm posted $2.01 EPS. Equities analysts predict that Eastman Chemical Co. will post $6.54 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a $0.46 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.78%. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
EMN has been the topic of several research analyst reports. Citigroup Inc. lowered Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $74.00 to $73.00 in a research note on Wednesday, September 7th. JPMorgan Chase & Co. restated a “buy” rating on shares of Eastman Chemical in a research note on Friday, July 29th. RBC Capital Markets lowered Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their target price for the stock from $83.00 to $70.00 in a research note on Tuesday, August 2nd. Royal Bank Of Canada lowered their target price on Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, June 27th. Finally, Jefferies Group reiterated a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a research note on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $76.29.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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