Mutual Advisors LLC acquired a new stake in shares of Eastman Chemical (NYSE:EMN) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund acquired 4,193 shares of the basic materials company’s stock, valued at approximately $388,000.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. State of Tennessee Treasury Department lifted its stake in Eastman Chemical by 26.8% during the 4th quarter. State of Tennessee Treasury Department now owns 93,312 shares of the basic materials company’s stock valued at $8,645,000 after acquiring an additional 19,724 shares during the period. First Republic Investment Management Inc. increased its holdings in shares of Eastman Chemical by 18.0% during the 4th quarter. First Republic Investment Management Inc. now owns 8,499 shares of the basic materials company’s stock valued at $787,000 after purchasing an additional 1,295 shares in the last quarter. Norinchukin Bank The increased its holdings in shares of Eastman Chemical by 6.6% during the 4th quarter. Norinchukin Bank The now owns 11,492 shares of the basic materials company’s stock valued at $1,065,000 after purchasing an additional 707 shares in the last quarter. Ontario Teachers Pension Plan Board increased its holdings in shares of Eastman Chemical by 51.0% during the 4th quarter. Ontario Teachers Pension Plan Board now owns 82,272 shares of the basic materials company’s stock valued at $7,622,000 after purchasing an additional 27,778 shares in the last quarter. Finally, American International Group Inc. increased its holdings in shares of Eastman Chemical by 7.3% during the 4th quarter. American International Group Inc. now owns 67,324 shares of the basic materials company’s stock valued at $6,237,000 after purchasing an additional 4,569 shares in the last quarter. Institutional investors and hedge funds own 84.90% of the company’s stock.
EMN has been the subject of several recent research reports. Cowen reaffirmed an “outperform” rating and set a $106.00 target price (up from $92.00) on shares of Eastman Chemical in a report on Friday, December 8th. JPMorgan Chase & Co. lifted their target price on shares of Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a report on Monday, October 30th. KeyCorp reaffirmed a “buy” rating and set a $108.00 target price (up from $100.00) on shares of Eastman Chemical in a report on Monday, October 30th. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, January 5th. Finally, Tudor Pickering initiated coverage on shares of Eastman Chemical in a report on Tuesday, November 14th. They set a “hold” rating for the company. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Eastman Chemical has a consensus rating of “Hold” and an average price target of $102.60.
Shares of Eastman Chemical (NYSE:EMN) opened at $103.44 on Friday. The company has a market cap of $14,870.00, a price-to-earnings ratio of 7.94, a P/E/G ratio of 1.35 and a beta of 1.33. The company has a quick ratio of 0.94, a current ratio of 1.83 and a debt-to-equity ratio of 1.24. Eastman Chemical has a 1-year low of $76.02 and a 1-year high of $104.08.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, topping the consensus estimate of $1.06 by $0.56. The company had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The firm’s revenue was up 8.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.51 EPS. analysts expect that Eastman Chemical will post 8.47 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 2.17%. The ex-dividend date is Wednesday, March 14th. Eastman Chemical’s payout ratio is presently 17.20%.
In related news, insider Damon Cary Warmack sold 4,417 shares of the business’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $98.60, for a total value of $435,516.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Lucian Boldea sold 3,325 shares of the business’s stock in a transaction on Friday, February 9th. The stock was sold at an average price of $95.00, for a total transaction of $315,875.00. The disclosure for this sale can be found here. In the last three months, insiders sold 70,742 shares of company stock valued at $6,961,411. 1.14% of the stock is owned by insiders.
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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.
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