Eastman Chemical Company (EMN) Shares Sold by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board lowered its position in Eastman Chemical Company (NYSE:EMN) by 10.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 380,805 shares of the basic materials company’s stock after selling 45,300 shares during the period. Canada Pension Plan Investment Board’s holdings in Eastman Chemical were worth $31,984,000 as of its most recent SEC filing.
Other large investors have also recently modified their holdings of the company. Bank of The West boosted its stake in shares of Eastman Chemical by 1.8% in the first quarter. Bank of The West now owns 20,057 shares of the basic materials company’s stock worth $1,621,000 after buying an additional 362 shares in the last quarter. DnB Asset Management AS boosted its stake in shares of Eastman Chemical by 19.2% in the first quarter. DnB Asset Management AS now owns 18,036 shares of the basic materials company’s stock worth $1,457,000 after buying an additional 2,900 shares in the last quarter. Howe & Rusling Inc. boosted its stake in shares of Eastman Chemical by 1.0% in the first quarter. Howe & Rusling Inc. now owns 20,992 shares of the basic materials company’s stock worth $1,696,000 after buying an additional 207 shares in the last quarter. Americafirst Capital Management LLC boosted its stake in shares of Eastman Chemical by 131.4% in the first quarter. Americafirst Capital Management LLC now owns 9,396 shares of the basic materials company’s stock worth $759,000 after buying an additional 5,335 shares in the last quarter. Finally, Doyle Wealth Management purchased a new stake in shares of Eastman Chemical during the first quarter worth about $395,000. Institutional investors own 88.72% of the company’s stock.
Eastman Chemical Company (EMN) opened at 83.21 on Friday. The firm’s 50-day moving average is $84.41 and its 200 day moving average is $80.89. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60. The firm has a market capitalization of $12.05 billion, a P/E ratio of 13.35 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period last year, the firm earned $1.68 EPS. On average, analysts expect that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.45%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
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Several equities research analysts recently issued reports on the company. Cowen and Company reiterated a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Wednesday, June 21st. BidaskClub cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Citigroup Inc. boosted their price target on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Eastman Chemical currently has an average rating of “Buy” and an average price target of $89.89.
In related 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lewis M. Kling sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total transaction of $319,520.00. Following the completion of the transaction, the director now directly owns 15,693 shares of the company’s stock, valued at $1,253,556.84. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.
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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