Johnson Investment Counsel Inc. cut its stake in Eastman Chemical (NYSE:EMN) by 18.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,784 shares of the basic materials company’s stock after selling 1,350 shares during the period. Johnson Investment Counsel Inc.’s holdings in Eastman Chemical were worth $407,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. Rockefeller Capital Management L.P. raised its stake in shares of Eastman Chemical by 329.3% in the 1st quarter. Rockefeller Capital Management L.P. now owns 571 shares of the basic materials company’s stock valued at $27,000 after buying an additional 438 shares in the last quarter. Smith Asset Management Group LP raised its stake in shares of Eastman Chemical by 60.5% in the 2nd quarter. Smith Asset Management Group LP now owns 398 shares of the basic materials company’s stock valued at $28,000 after buying an additional 150 shares in the last quarter. Global Retirement Partners LLC raised its stake in shares of Eastman Chemical by 277.5% in the 2nd quarter. Global Retirement Partners LLC now owns 419 shares of the basic materials company’s stock valued at $29,000 after buying an additional 308 shares in the last quarter. HHM Wealth Advisors LLC acquired a new position in shares of Eastman Chemical in the 1st quarter valued at $30,000. Finally, Creative Financial Designs Inc. ADV acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at $38,000. 82.43% of the stock is owned by hedge funds and other institutional investors.
EMN has been the subject of a number of recent research reports. Scotiabank cut shares of Eastman Chemical from a “sector outperform” rating to a “sector perform” rating and set a $73.00 price objective for the company. in a research note on Tuesday, August 4th. They noted that the move was a valuation call. Morgan Stanley increased their price objective on shares of Eastman Chemical from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, August 5th. Jefferies Financial Group increased their target price on shares of Eastman Chemical from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, June 26th. BofA Securities cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $75.00 target price for the company. in a research report on Wednesday, August 5th. Finally, Deutsche Bank increased their target price on shares of Eastman Chemical from $70.00 to $80.00 and gave the stock a “buy” rating in a research report on Wednesday, August 5th. Ten equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $72.41.
Shares of NYSE:EMN opened at $78.93 on Friday. Eastman Chemical has a 12 month low of $34.44 and a 12 month high of $83.99. The company’s 50-day moving average price is $74.40 and its two-hundred day moving average price is $64.77. The company has a quick ratio of 1.12, a current ratio of 1.88 and a debt-to-equity ratio of 0.89. The firm has a market cap of $10.51 billion, a P/E ratio of 18.75, a P/E/G ratio of 3.33 and a beta of 1.61.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Monday, August 3rd. The basic materials company reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.20). Eastman Chemical had a return on equity of 14.02% and a net margin of 6.64%. The company had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the prior year, the company earned $1.99 EPS. The firm’s revenue was down 18.6% compared to the same quarter last year. As a group, equities analysts predict that Eastman Chemical will post 5.52 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 37.03%.
In other news, SVP Mark K. Cox sold 3,290 shares of the firm’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $73.22, for a total value of $240,893.80. Following the transaction, the senior vice president now owns 18,031 shares of the company’s stock, valued at approximately $1,320,229.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.66% of the stock is currently owned by company insiders.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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