Eastman Chemical Company (EMN) Shares Bought by BlackRock Inc.
BlackRock Inc. grew its position in shares of Eastman Chemical Company (NYSE:EMN) by 6.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 12,186,134 shares of the basic materials company’s stock after buying an additional 717,506 shares during the quarter. BlackRock Inc. owned 8.41% of Eastman Chemical worth $1,023,514,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Harbour Capital Advisors LLC bought a new position in shares of Eastman Chemical during the 1st quarter valued at $100,000. Advisors Asset Management Inc. lifted its holdings in shares of Eastman Chemical by 149.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after buying an additional 826 shares during the period. Pathstone Family Office LLC purchased a new stake in shares of Eastman Chemical in the 1st quarter worth $158,000. Fiduciary Trust Co. purchased a new stake in shares of Eastman Chemical in the 2nd quarter worth $160,000. Finally, Tower Bridge Advisors purchased a new stake in shares of Eastman Chemical in the 2nd quarter worth $207,000. 82.13% of the stock is currently owned by hedge funds and other institutional investors.
WARNING: This news story was originally published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are viewing this news story on another publication, it was illegally copied and republished in violation of U.S. & international copyright and trademark law. The original version of this news story can be read at https://www.thecerbatgem.com/2017/09/19/eastman-chemical-company-emn-shares-bought-by-blackrock-inc.html.
Eastman Chemical Company (EMN) opened at 85.41 on Tuesday. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $87.54. The firm’s 50 day moving average is $84.61 and its 200 day moving average is $81.93. The company has a market cap of $12.37 billion, a P/E ratio of 13.71 and a beta of 1.26.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the company earned $1.68 earnings per share. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. Equities research analysts anticipate that Eastman Chemical Company will post $7.52 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be paid a dividend of $0.51 per share. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.39%. Eastman Chemical’s dividend payout ratio is currently 32.28%.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the sale, the director now owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is owned by insiders.
Several research firms have recently commented on EMN. UBS AG restated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, August 2nd. Royal Bank Of Canada restated a “hold” rating and issued a $85.00 price objective on shares of Eastman Chemical in a research note on Monday, June 5th. Cowen and Company upped their price objective on Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, August 7th. Finally, KeyCorp restated a “buy” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research note on Thursday, August 24th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company. Eastman Chemical currently has a consensus rating of “Buy” and an average price target of $90.90.
Eastman Chemical 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.
Receive News & Stock Ratings for Eastman Chemical Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical Company and related stocks with our FREE daily email newsletter.