First Heartland Consultants Inc. purchased a new stake in Eastman Chemical Company (NYSE:EMN) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,879 shares of the basic materials company’s stock, valued at approximately $233,000.
Several other large investors have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in shares of Eastman Chemical Company by 9.2% in the first quarter. Dimensional Fund Advisors LP now owns 2,100,832 shares of the basic materials company’s stock valued at $169,748,000 after buying an additional 176,797 shares during the period. Pathstone Family Office LLC purchased a new position in shares of Eastman Chemical Company during the first quarter valued at about $158,000. Geode Capital Management LLC boosted its position in shares of Eastman Chemical Company by 13.5% in the first quarter. Geode Capital Management LLC now owns 1,708,213 shares of the basic materials company’s stock valued at $137,860,000 after buying an additional 202,912 shares during the period. Vanguard Group Inc. boosted its position in shares of Eastman Chemical Company by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after buying an additional 557,858 shares during the period. Finally, Mackenzie Financial Corp purchased a new position in shares of Eastman Chemical Company during the first quarter valued at about $6,680,000. Hedge funds and other institutional investors own 88.55% of the company’s stock.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 82.97 on Friday. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.28. The firm’s 50-day moving average price is $80.32 and its 200 day moving average price is $78.93. The company has a market cap of $12.10 billion, a PE ratio of 13.95 and a beta of 1.32.
Eastman Chemical Company (NYSE:EMN) last issued its earnings results on Thursday, April 27th. The basic materials company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The firm had revenue of $2.30 billion during the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical Company had a net margin of 9.84% and a return on equity of 22.23%. Equities research analysts anticipate that Eastman Chemical Company will post $7.47 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 5th. Investors of record on Thursday, June 15th will be paid a dividend of $0.51 per share. The ex-dividend date is Tuesday, June 13th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.46%. Eastman Chemical Company’s payout ratio is currently 33.83%.
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EMN has been the topic of several research analyst reports. TheStreet cut Eastman Chemical Company from a “b” rating to a “c+” rating in a research note on Thursday, March 30th. Zacks Investment Research raised Eastman Chemical Company from a “hold” rating to a “buy” rating and set a $91.00 price objective on the stock in a research note on Monday, April 3rd. Citigroup Inc. reissued a “buy” rating and issued a $81.00 price objective (up previously from $79.00) on shares of Eastman Chemical Company in a research note on Friday, April 14th. Deutsche Bank AG reissued a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical Company in a research note on Thursday, May 25th. Finally, Royal Bank Of Canada reissued a “hold” rating and issued a $85.00 price objective on shares of Eastman Chemical Company in a research note on Monday, June 5th. Four investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Eastman Chemical Company has a consensus rating of “Buy” and an average price target of $84.73.
In related news, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the completion of the transaction, the director now owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.14% of the company’s stock.
Eastman Chemical Company 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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