Artemis Investment Management LLP increased its position in Eastman Chemical Company (NYSE:EMN) by 23.7% during the second quarter, according to its most recent disclosure with the SEC. The firm owned 128,900 shares of the basic materials company’s stock after buying an additional 24,700 shares during the period. Artemis Investment Management LLP owned approximately 0.09% of Eastman Chemical worth $10,827,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in EMN. BlackRock Inc. boosted its position in shares of Eastman Chemical by 3,636.5% in the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after buying an additional 11,161,689 shares during the period. Blackstone Group L.P. acquired a new position in shares of Eastman Chemical during the first quarter valued at about $102,065,000. Vanguard Group Inc. boosted its position in shares of Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Eastman Chemical by 17.9% in the first quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock valued at $215,277,000 after buying an additional 404,626 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in shares of Eastman Chemical by 20.0% in the first quarter. OppenheimerFunds Inc. now owns 2,402,230 shares of the basic materials company’s stock valued at $194,100,000 after buying an additional 400,941 shares during the period. Institutional investors and hedge funds own 82.08% of the company’s stock.

Shares of Eastman Chemical Company (NYSE EMN) opened at 87.31 on Friday. The stock’s 50 day moving average is $84.63 and its 200 day moving average is $81.56. The firm has a market capitalization of $12.64 billion, a PE ratio of 14.01 and a beta of 1.26. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $87.52.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm earned $1.68 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts forecast that Eastman Chemical Company will post $7.51 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a dividend yield of 2.34%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s payout ratio is 32.28%.

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Several equities analysts have issued reports on the stock. Cowen and Company restated a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a research report on Friday, July 14th. Deutsche Bank AG restated a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research report on Wednesday, June 21st. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. BidaskClub cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Citigroup Inc. upped their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, July 12th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Eastman Chemical presently has a consensus rating of “Buy” and a consensus target price of $90.90.

In other Eastman Chemical news, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is owned by 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.

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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