Thrivent Financial For Lutherans lessened its holdings in Eastman Chemical Company (NYSE:EMN) by 3.3% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 938,062 shares of the basic materials company’s stock after selling 32,336 shares during the period. Thrivent Financial For Lutherans owned about 0.65% of Eastman Chemical worth $78,787,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of EMN. Strs Ohio lifted its stake in shares of Eastman Chemical by 10.0% in the 1st quarter. Strs Ohio now owns 11,927 shares of the basic materials company’s stock worth $963,000 after purchasing an additional 1,082 shares during the period. Spot Trading L.L.C. lifted its stake in shares of Eastman Chemical by 122.8% in the 1st quarter. Spot Trading L.L.C. now owns 9,367 shares of the basic materials company’s stock worth $757,000 after purchasing an additional 50,467 shares during the period. Boston Partners bought a new position in shares of Eastman Chemical in the 1st quarter worth approximately $606,000. LS Investment Advisors LLC lifted its stake in shares of Eastman Chemical by 16.8% in the 1st quarter. LS Investment Advisors LLC now owns 4,092 shares of the basic materials company’s stock worth $331,000 after purchasing an additional 589 shares during the period. Finally, World Asset Management Inc lifted its stake in shares of Eastman Chemical by 10.3% in the 1st quarter. World Asset Management Inc now owns 15,279 shares of the basic materials company’s stock worth $1,235,000 after purchasing an additional 1,424 shares during the period. Hedge funds and other institutional investors own 82.13% of the company’s stock.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the company’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 transaction, 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 SEC, which is available at this link. Also, insider Mark K. Cox sold 1,400 shares of the company’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.
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Eastman Chemical Company (NYSE EMN) traded down 0.11% during midday trading on Friday, reaching $84.96. 2,069,471 shares of the company’s stock were exchanged. The firm has a market capitalization of $12.30 billion, a price-to-earnings ratio of 13.64 and a beta of 1.26. The firm’s 50 day moving average is $84.54 and its 200 day moving average is $81.87. Eastman Chemical Company has a 52 week low of $62.70 and a 52 week high of $87.54.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the company posted $1.68 earnings per share. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities analysts anticipate that Eastman Chemical Company will post $7.52 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.51 dividend. 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 payout ratio is presently 32.28%.
EMN has been the topic of several recent research reports. BidaskClub cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Royal Bank Of Canada reiterated a “hold” rating and issued a $85.00 price objective on shares of Eastman Chemical in a research note on Monday, June 5th. Jefferies Group LLC reiterated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, July 11th. Finally, Cowen and Company increased their price objective on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, August 7th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Eastman Chemical presently has an average rating of “Buy” and a consensus target price of $90.90.
Eastman Chemical Company 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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