2,167 Shares in Eastman Chemical (EMN) Purchased by VNBTrust National Association
VNBTrust National Association purchased a new position in shares of Eastman Chemical (NYSE:EMN) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 2,167 shares of the basic materials company’s stock, valued at approximately $201,000.
Other institutional investors have also recently modified their holdings of the company. Steward Partners Investment Advisory LLC bought a new stake in shares of Eastman Chemical during the 3rd quarter worth approximately $113,000. Acrospire Investment Management LLC lifted its stake in Eastman Chemical by 1,500.0% in the 2nd 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 during the last quarter. Psagot Investment House Ltd. lifted its stake in Eastman Chemical by 60.0% in the 3rd quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock valued at $145,000 after purchasing an additional 600 shares during the last quarter. M&R Capital Management Inc. lifted its stake in Eastman Chemical by 62.9% in the 2nd quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after purchasing an additional 700 shares during the last quarter. Finally, Fiduciary Trust Co. bought a new position in Eastman Chemical in the 2nd quarter valued at approximately $160,000. 82.49% of the stock is owned by institutional investors.
In other news, SVP Perry Stuckey sold 5,200 shares of the firm’s stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.14% of the stock is currently owned by company insiders.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.16. The firm had revenue of $2.47 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The company’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.86 earnings per share. sell-side analysts forecast that Eastman Chemical will post 7.12 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Monday, December 18th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Friday, December 15th. This represents a $2.24 annualized dividend and a dividend yield of 2.30%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.51%.
Several equities analysts recently commented on the stock. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 price objective for the company in a research note on Tuesday. Instinet downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective for the company. in a research note on Tuesday, October 10th. UBS Group increased their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Wells Fargo & Co reissued an “outperform” rating and issued a $102.00 price objective (up previously from $94.00) on shares of Eastman Chemical in a research note on Monday, October 30th. They noted that the move was a valuation call. Finally, Nomura downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective for the company. in a research note on Tuesday, October 10th. Nine equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Eastman Chemical currently has an average rating of “Buy” and an average price target of $98.60.
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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