HAP Trading LLC Purchases New Holdings in Eastman Chemical Company (EMN)

HAP Trading LLC purchased a new stake in Eastman Chemical Company (NYSE:EMN) during the second quarter, according to its most recent filing with the SEC. The fund purchased 71,983 shares of the basic materials company’s stock, valued at approximately $6,046,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Harbour Capital Advisors LLC bought a new stake in Eastman Chemical in the 1st quarter valued at $100,000. Advisors Asset Management Inc. increased its holdings in Eastman Chemical by 149.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after acquiring an additional 826 shares during the last quarter. Pathstone Family Office LLC bought a new stake in Eastman Chemical in the 1st quarter valued at $158,000. Fiduciary Trust Co. bought a new stake in Eastman Chemical in the 2nd quarter valued at $160,000. Finally, Tower Bridge Advisors bought a new stake in Eastman Chemical in the 2nd quarter valued at $207,000. Institutional investors own 82.13% of the company’s stock.

A number of brokerages have issued reports on EMN. Cowen and Company reiterated a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a report on Friday, July 14th. Deutsche Bank AG reiterated a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a report on Wednesday, June 21st. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, June 21st. BidaskClub downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 28th. Finally, Citigroup Inc. lifted their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. Six research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $90.90.

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Eastman Chemical Company (NYSE:EMN) traded up 0.40% during mid-day trading on Tuesday, hitting $85.93. 729,135 shares of the stock were exchanged. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $87.54. The stock’s 50 day moving average is $84.52 and its 200 day moving average is $81.72. The stock has a market cap of $12.45 billion, a PE ratio of 13.79 and a beta of 1.26.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the business earned $1.68 earnings per share. Eastman Chemical’s revenue was up 5.3% compared to the same quarter last year. Analysts forecast that Eastman Chemical Company will post $7.52 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be given a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.38%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s payout ratio is currently 32.28%.

In related news, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the completion of the sale, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.

Eastman Chemical 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.

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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