Tredje AP fonden reduced its position in shares of Eastman Chemical Company (NYSE:EMN) by 23.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,981 shares of the basic materials company’s stock after selling 2,198 shares during the quarter. Tredje AP fonden’s holdings in Eastman Chemical were worth $590,000 at the end of the most recent quarter.
A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. increased its stake in Eastman Chemical by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after purchasing an additional 557,858 shares in the last quarter. BlackRock Inc. increased its stake in Eastman Chemical by 3,636.5% during the 1st quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after purchasing an additional 11,161,689 shares in the last quarter. Blackstone Group L.P. bought a new stake in Eastman Chemical during the 1st quarter valued at about $102,065,000. State Street Corp increased its stake in Eastman Chemical by 3.6% during the 1st quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock valued at $591,539,000 after purchasing an additional 257,030 shares in the last quarter. Finally, LSV Asset Management increased its stake in Eastman Chemical by 4.2% during the 2nd quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after purchasing an additional 160,101 shares in the last quarter. Institutional investors and hedge funds own 82.13% of the company’s stock.
A number of analysts have recently commented on EMN shares. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, June 30th. Citigroup Inc. lifted their price target on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 12th. KeyCorp reiterated a “buy” rating and issued a $100.00 price target on shares of Eastman Chemical in a research note on Thursday, August 24th. BidaskClub upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Finally, Jefferies Group LLC reiterated a “buy” rating and issued a $90.00 price target on shares of Eastman Chemical in a research note on Wednesday, July 5th. Six analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $90.90.
Shares of Eastman Chemical Company (NYSE:EMN) opened at 84.96 on Friday. The company’s 50-day moving average is $84.54 and its 200 day moving average is $81.87. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $87.54. The company has a market capitalization of $12.30 billion, a price-to-earnings ratio of 13.64 and a beta of 1.26.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate 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 net margin of 10.11% and a return on equity of 22.54%. Eastman Chemical’s revenue was up 5.3% on a year-over-year basis. During the same period last year, the firm posted $1.68 EPS. On average, equities research analysts anticipate that Eastman Chemical Company will post $7.52 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.40%. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In related news, insider Mark K. Cox sold 1,400 shares of the stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Renee J. Hornbaker sold 4,000 shares of the 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 owns 21,858 shares in the company, valued at approximately $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by corporate insiders.
WARNING: “Tredje AP fonden Has $590,000 Holdings in Eastman Chemical Company (EMN)” was first reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are accessing this article on another website, it was copied illegally and reposted in violation of international copyright legislation. The original version of this article can be read at https://www.chaffeybreeze.com/2017/09/16/tredje-ap-fonden-has-590000-holdings-in-eastman-chemical-company-emn.html.
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.
Receive News & Ratings for Eastman Chemical Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical Company and related companies with MarketBeat.com's FREE daily email newsletter.