Public Employees Retirement Association of Colorado cut its position in Eastman Chemical Co. (NYSE:EMN) by 0.4% during the second quarter, Holdings Channel reports. The firm owned 329,096 shares of the company’s stock after selling 1,469 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Eastman Chemical were worth $22,346,000 at the end of the most recent reporting period.
Several other large investors also recently bought and sold shares of EMN. Acrospire Investment Management LLC bought a new stake in Eastman Chemical during the first quarter worth approximately $108,000. Financial Architects Inc boosted its stake 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 stake in Eastman Chemical during the first quarter worth approximately $189,000. Magnetar Financial LLC bought a new stake in Eastman Chemical during the first quarter worth approximately $203,000. Finally, Park National Corp OH boosted its stake 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 currently owned by institutional investors.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 1.65% on Tuesday, reaching $65.09. 657,629 shares of the company traded hands. The stock has a 50-day moving average price of $66.35 and a 200 day moving average price of $70.22. The firm has a market capitalization of $9.61 billion, a P/E ratio of 10.96 and a beta of 1.53. Eastman Chemical Co. has a 1-year low of $56.03 and a 1-year high of $78.79.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The company earned $2.30 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the business posted $2.01 EPS. The company’s revenue for the quarter was down 9.3% compared to the same quarter last year. Analysts anticipate that Eastman Chemical Co. will post $6.54 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a $0.46 dividend. This represents a $1.84 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio is currently 30.98%.
A number of research firms recently commented on EMN. Nomura lowered their price target on shares of Eastman Chemical from $83.00 to $81.00 and set a “buy” rating on the stock in a report on Monday, July 11th. SunTrust Banks Inc. reissued a “neutral” rating and set a $66.00 target price on shares of Eastman Chemical in a report on Tuesday, August 2nd. Zacks Investment Research cut shares of Eastman Chemical from a “hold” rating to a “strong sell” rating in a report on Wednesday, August 3rd. Morgan Stanley reissued a “hold” rating on shares of Eastman Chemical in a report on Thursday, June 16th. Finally, Jefferies Group reissued a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a report on Monday, October 3rd. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the stock. The stock currently 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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