Eastman Chemical Company (EMN) Position Increased by Mitsubishi UFJ Kokusai Asset Management Co. Ltd.
Mitsubishi UFJ Kokusai Asset Management Co. Ltd. raised its stake in shares of Eastman Chemical Company (NYSE:EMN) by 25.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 29,762 shares of the basic materials company’s stock after buying an additional 6,115 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $2,500,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Harbour Capital Advisors LLC acquired a new stake in shares of Eastman Chemical during the first quarter valued at about $100,000. FTB Advisors Inc. increased its stake in Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock worth $107,000 after buying an additional 199 shares during the last quarter. Whittier Trust Co. increased its stake in Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock worth $143,000 after buying an additional 134 shares during the last quarter. Pathstone Family Office LLC purchased a new stake in Eastman Chemical during the first quarter worth about $158,000. Finally, Tower Bridge Advisors purchased a new stake in Eastman Chemical during the second quarter worth about $207,000. 88.53% of the stock is currently owned by institutional investors.
Shares of Eastman Chemical Company (EMN) opened at 84.26 on Tuesday. The firm has a 50 day moving average price of $84.44 and a 200 day moving average price of $80.95. The stock has a market capitalization of $12.20 billion, a PE ratio of 13.52 and a beta of 1.28. Eastman Chemical Company has a one year low of $62.70 and a one year high of $86.60.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm posted $1.68 earnings per share. The company’s revenue was up 5.3% on a year-over-year basis. Analysts predict that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.42%. Eastman Chemical’s payout ratio is presently 32.28%.
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A number of analysts have issued reports on EMN shares. Citigroup Inc. lifted their price objective on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 12th. Cowen and Company reaffirmed a “buy” rating and issued a $88.00 price objective on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $90.00 price objective on the stock in a research note on Wednesday, June 7th. Deutsche Bank AG reaffirmed a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical in a research note on Thursday, May 25th. Finally, TheStreet raised Eastman Chemical from a “c+” rating to a “b” rating in a research note on Monday, April 17th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Eastman Chemical currently has a consensus rating of “Buy” and an average target price of $89.89.
In related news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction on Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total value of $319,520.00. Following the completion of the transaction, the director now directly owns 15,693 shares in the company, valued at $1,253,556.84. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
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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