PGGM Investments lowered its position in Eastman Chemical Co. (NYSE:EMN) by 77.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 104,753 shares of the company’s stock after selling 363,320 shares during the period. PGGM Investments’ holdings in Eastman Chemical were worth $7,113,000 at the end of the most recent reporting period.
Other institutional investors also recently added to or reduced their stakes in the company. Acrospire Investment Management LLC bought a new position in Eastman Chemical during the first quarter worth approximately $108,000. Financial Architects Inc boosted its position in Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock worth $123,000 after buying an additional 1,800 shares during the period. Meeder Asset Management Inc. bought a new position in Eastman Chemical during the first quarter worth approximately $189,000. Magnetar Financial LLC bought a new position in Eastman Chemical during the first quarter worth approximately $203,000. Finally, Park National Corp OH boosted its position in Eastman Chemical by 6.5% in the second quarter. Park National Corp OH now owns 3,078 shares of the company’s stock worth $209,000 after buying an additional 189 shares during the period. 84.06% of the stock is owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Co. (NYSE:EMN) traded up 1.96% during trading on Friday, reaching $67.68. The company’s stock had a trading volume of 1,685,984 shares. The stock has a market cap of $10.00 billion, a price-to-earnings ratio of 11.40 and a beta of 1.61. Eastman Chemical Co. has a 52-week low of $56.03 and a 52-week high of $78.79. The stock’s 50 day moving average price is $66.09 and its 200-day moving average price is $70.50.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.73 by $0.05. The firm had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The business’s quarterly revenue was down 9.3% on a year-over-year basis. During the same period in the prior year, the business posted $2.01 earnings per share. Equities analysts anticipate that Eastman Chemical Co. will post $6.54 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be issued a dividend of $0.46 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.72%. Eastman Chemical’s dividend payout ratio is 30.98%.
EMN has been the subject of a number of research reports. Cowen and Company dropped their target price on Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating for the company in a report on Tuesday, August 23rd. Zacks Investment Research downgraded Eastman Chemical from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 3rd. TheStreet downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 29th. JPMorgan Chase & Co. reissued a “buy” rating on shares of Eastman Chemical in a report on Tuesday, August 16th. Finally, Royal Bank Of Canada dropped their target price on Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating for the company in a report on Monday, June 27th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $76.29.
About Eastman Chemical
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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