Dai Ichi Life Insurance Company Ltd decreased its position in Eastman Chemical (NYSE:EMN) by 20.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,800 shares of the basic materials company’s stock after selling 737 shares during the period. Dai Ichi Life Insurance Company Ltd’s holdings in Eastman Chemical were worth $327,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of EMN. Rockbridge Investment Management LCC boosted its stake in shares of Eastman Chemical by 163.0% during the first quarter. Rockbridge Investment Management LCC now owns 242 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 150 shares during the last quarter. WASHINGTON TRUST Co boosted its stake in shares of Eastman Chemical by 138.9% during the second quarter. WASHINGTON TRUST Co now owns 258 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 150 shares during the last quarter. Red Door Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the second quarter valued at $35,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the first quarter valued at $43,000. Finally, Tobam acquired a new stake in shares of Eastman Chemical during the second quarter valued at $49,000. 83.59% of the stock is currently owned by institutional investors.
A number of research firms recently commented on EMN. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $109.44 price objective (down previously from $119.00) on shares of Eastman Chemical in a research note on Tuesday, July 27th. Wells Fargo & Company increased their target price on Eastman Chemical from $130.00 to $142.00 and gave the stock an “overweight” rating in a research report on Tuesday, June 22nd. TheStreet downgraded Eastman Chemical from a “b-” rating to a “c+” rating in a research report on Monday, August 23rd. Scotiabank upgraded Eastman Chemical from a “sector perform” rating to a “sector outperform” rating and set a $145.00 target price on the stock in a research report on Monday, June 21st. Finally, Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and set a $140.00 target price on the stock in a research report on Thursday, August 5th. Three investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Buy” and a consensus price target of $130.74.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Sunday, August 1st. The basic materials company reported $2.46 EPS for the quarter, beating the consensus estimate of $2.33 by $0.13. The business had revenue of $2.65 billion for the quarter, compared to the consensus estimate of $2.40 billion. Eastman Chemical had a return on equity of 17.52% and a net margin of 3.43%. The company’s revenue was up 37.9% on a year-over-year basis. During the same period last year, the business posted $0.85 EPS. Research analysts anticipate that Eastman Chemical will post 9.23 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, October 1st. Investors of record on Wednesday, September 15th were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Tuesday, September 14th. This represents a $2.76 annualized dividend and a dividend yield of 2.66%. Eastman Chemical’s payout ratio is currently 44.88%.
In other Eastman Chemical news, CEO Mark J. Costa sold 45,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $115.30, for a total transaction of $5,188,500.00. Following the completion of the sale, the chief executive officer now owns 265,381 shares in the company, valued at approximately $30,598,429.30. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Brad A. Lich sold 26,496 shares of the firm’s stock in a transaction that occurred on Thursday, August 26th. The shares were sold at an average price of $113.19, for a total value of $2,999,082.24. The disclosure for this sale can be found here. Company insiders own 1.93% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.
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