PNC Financial Services Group Inc. Has $15.01 Million Holdings in Eastman Chemical Company (EMN)
PNC Financial Services Group Inc. lowered its stake in Eastman Chemical Company (NYSE:EMN) by 2.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 178,733 shares of the basic materials company’s stock after selling 4,881 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.12% of Eastman Chemical worth $15,013,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors also recently modified their holdings of EMN. Harbour Capital Advisors LLC bought a new position in Eastman Chemical in the 1st quarter worth about $100,000. Advisors Asset Management Inc. boosted its stake in Eastman Chemical by 149.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after purchasing an additional 826 shares during the period. Pathstone Family Office LLC bought a new position in Eastman Chemical in the 1st quarter worth about $158,000. Fiduciary Trust Co. bought a new position in Eastman Chemical in the 2nd quarter worth about $160,000. Finally, Tower Bridge Advisors bought a new position in Eastman Chemical in the 2nd quarter worth about $207,000. Institutional investors and hedge funds own 82.13% of the company’s stock.
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In other news, Director Renee J. Hornbaker sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the transaction, 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 SEC, which is accessible through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The stock was 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. Corporate insiders own 1.14% of the company’s stock.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 86.05 on Thursday. The stock has a market cap of $12.46 billion, a PE ratio of 13.81 and a beta of 1.26. The firm has a 50 day moving average price of $84.71 and a 200 day moving average price of $81.98. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $87.54.
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, topping analysts’ consensus estimates of $1.89 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The business’s quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.68 earnings per share. On average, equities analysts expect that Eastman Chemical Company will post $7.52 EPS for the current year.
The firm 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. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
Several brokerages have commented on EMN. UBS AG restated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Zacks Investment Research downgraded 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 target price on shares of Eastman Chemical in a research note on Monday, June 5th. Cowen and Company raised their target price 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 target price on shares of Eastman Chemical in a research note on Thursday, August 24th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $90.90.
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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