High Falls Advisors Inc Sells 165 Shares of Eastman Chemical Company (EMN)

High Falls Advisors Inc trimmed its holdings in Eastman Chemical Company (NYSE:EMN) by 4.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,718 shares of the basic materials company’s stock after selling 165 shares during the period. High Falls Advisors Inc’s holdings in Eastman Chemical were worth $312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of EMN. Harbour Capital Advisors LLC acquired a new stake in shares of Eastman Chemical in the first quarter valued at about $100,000. Advisors Asset Management Inc. raised its position in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after buying an additional 826 shares during the last quarter. Acrospire Investment Management LLC raised its position in shares of Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after buying an additional 1,500 shares during the last quarter. M&R Capital Management Inc. raised its position in shares of Eastman Chemical by 62.9% in the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after buying an additional 700 shares during the last quarter. Finally, Pathstone Family Office LLC acquired a new stake in shares of Eastman Chemical in the first quarter valued at about $158,000. Institutional investors and hedge funds own 82.13% of the company’s stock.

EMN has been the subject of a number of recent research reports. BidaskClub cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Deutsche Bank AG increased their target price on shares of Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday. Jefferies Group LLC reiterated a “buy” rating on shares of Eastman Chemical in a research report on Tuesday, July 11th. Cowen and Company increased their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research report on Monday, August 7th. Finally, KeyCorp reiterated a “buy” rating and issued a $100.00 target price on shares of Eastman Chemical in a research report on Wednesday, October 4th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Eastman Chemical has an average rating of “Hold” and a consensus price target of $93.00.

Eastman Chemical Company (NYSE EMN) traded up 0.515% during midday trading on Friday, reaching $88.815. 281,941 shares of the company traded hands. The firm has a market capitalization of $12.86 billion, a PE ratio of 14.254 and a beta of 1.27. Eastman Chemical Company has a 12 month low of $63.28 and a 12 month high of $91.39. The company’s 50-day moving average price is $87.08 and its 200 day moving average price is $83.21.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Zacks’ 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 company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the company posted $1.68 EPS. The company’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities analysts anticipate that Eastman Chemical Company will post $7.35 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 32.28%.

In other news, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Renee J. Hornbaker sold 4,000 shares of the company’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 transaction, the director now directly owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.

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About Eastman Chemical

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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