Eastman Chemical Company (EMN) Shares Bought by The Manufacturers Life Insurance Company
The Manufacturers Life Insurance Company increased its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 7.0% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 461,605 shares of the basic materials company’s stock after purchasing an additional 30,293 shares during the quarter. The Manufacturers Life Insurance Company owned 0.32% of Eastman Chemical worth $38,770,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other large investors have also made changes to their positions in the company. Harbour Capital Advisors LLC bought a new position in shares of Eastman Chemical during the first quarter valued at $100,000. Advisors Asset Management Inc. lifted its holdings in shares of Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after purchasing an additional 826 shares in the last quarter. Acrospire Investment Management LLC lifted its holdings in shares of Eastman Chemical by 1,500.0% during the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after purchasing an additional 1,500 shares in the last quarter. Fiduciary Trust Co. bought a new position in shares of Eastman Chemical during the second quarter valued at $160,000. Finally, Pathstone Family Office LLC bought a new position in shares of Eastman Chemical during the first quarter valued at $158,000. 82.13% of the stock is currently owned by hedge funds and other institutional investors.
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Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.68 EPS.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were issued a $0.51 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.31%. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In other news, 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 value of $117,936.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 value of $337,720.00. Following the completion of the transaction, the director now directly owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
EMN has been the topic of a number of research analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $96.00 price target on shares of Eastman Chemical in a report on Tuesday, October 3rd. Deutsche Bank AG upped their price target on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a report on Tuesday. Goldman Sachs Group, Inc. (The) raised Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price target for the company from $81.00 to $101.00 in a report on Thursday, September 28th. KeyCorp reaffirmed a “buy” rating and set a $100.00 price target on shares of Eastman Chemical in a report on Wednesday, October 4th. Finally, BidaskClub raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Nine analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Eastman Chemical has a consensus rating of “Hold” and a consensus price target of $93.00.
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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