Formidable Asset Management LLC lifted its stake in shares of Eastman Chemical Company (NYSE:EMN) by 4.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,772 shares of the basic materials company’s stock after buying an additional 250 shares during the quarter. Formidable Asset Management LLC’s holdings in Eastman Chemical were worth $485,000 at the end of the most recent reporting period.
Other large investors also recently modified their holdings of the company. Harbour Capital Advisors LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter worth approximately $100,000. Advisors Asset Management Inc. lifted its position in shares of Eastman Chemical by 149.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after buying an additional 826 shares during the last quarter. Pathstone Family Office LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter worth approximately $158,000. Fiduciary Trust Co. purchased a new stake in shares of Eastman Chemical during the 2nd quarter worth approximately $160,000. Finally, Tower Bridge Advisors purchased a new stake in shares of Eastman Chemical during the 2nd quarter worth approximately $207,000. Institutional investors and hedge funds own 82.13% of the company’s stock.
In other Eastman Chemical news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 22nd. The stock was 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 of the company’s stock, valued at approximately $1,845,470.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
Eastman Chemical Company (NYSE EMN) traded down 0.62% during mid-day trading on Friday, reaching $84.52. 657,293 shares of the company traded hands. The firm’s 50-day moving average is $84.55 and its 200 day moving average is $81.84. The stock has a market capitalization of $12.24 billion, a PE ratio of 13.56 and a beta of 1.26. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $87.54.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the previous year, the company posted $1.68 EPS. On average, equities research analysts expect that Eastman Chemical Company will post $7.52 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 32.28%.
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Several analysts have recently weighed in on EMN shares. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, May 19th. Deutsche Bank AG restated a “buy” rating and set a $92.00 price objective on shares of Eastman Chemical in a research report on Thursday, May 25th. Royal Bank Of Canada restated a “hold” rating and set a $85.00 price objective on shares of Eastman Chemical in a research report on Monday, June 5th. BidaskClub upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Finally, Jefferies Group LLC restated a “buy” rating and set a $90.00 price objective on shares of Eastman Chemical in a research report on Friday, June 16th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $90.90.
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.
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