Raymond James Trust N.A. Boosts Holdings in Eastman Chemical Company (EMN)
Raymond James Trust N.A. boosted its position in shares of Eastman Chemical Company (NYSE:EMN) by 19.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 32,221 shares of the basic materials company’s stock after buying an additional 5,246 shares during the quarter. Raymond James Trust N.A.’s holdings in Eastman Chemical were worth $2,707,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of the business. Vanguard Group Inc. lifted its holdings in Eastman Chemical by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock worth $1,138,298,000 after buying an additional 557,858 shares in the last quarter. BlackRock Inc. lifted its holdings in Eastman Chemical by 3,636.5% during the 1st quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock worth $926,666,000 after buying an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. acquired a new position in Eastman Chemical during the 1st quarter worth $102,065,000. State Street Corp lifted its holdings in Eastman Chemical by 3.6% during the 1st quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock worth $591,539,000 after buying an additional 257,030 shares in the last quarter. Finally, LSV Asset Management lifted its holdings in Eastman Chemical by 4.2% during the 2nd quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock worth $333,697,000 after buying an additional 160,101 shares in the last quarter. 82.13% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the sale, the director now directly owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Eastman Chemical Company (EMN) traded up 0.4030% during trading on Tuesday, reaching $85.9349. The company’s stock had a trading volume of 598,765 shares. The stock’s 50-day moving average is $84.52 and its 200 day moving average is $81.72. The company has a market cap of $12.45 billion, a P/E ratio of 13.7915 and a beta of 1.26. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $87.54.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating 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 firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm posted $1.68 earnings per share. The business’s revenue was up 5.3% compared to the same quarter last year. On average, equities analysts forecast that Eastman Chemical Company will post $7.52 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a $0.51 dividend. This represents a $2.04 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.28%.
Several research analysts have issued reports on EMN shares. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a 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 Monday, May 29th. BidaskClub upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Jefferies Group LLC reiterated a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a research report on Wednesday, July 5th. Finally, KeyCorp reiterated a “buy” rating and set a $100.00 target price on shares of Eastman Chemical in a research report on Thursday, August 24th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $90.90.
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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