Commerzbank Aktiengesellschaft FI purchased a new stake in shares of Eastman Chemical (NYSE:EMN) during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 3,798 shares of the basic materials company’s stock, valued at approximately $344,000.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Advisors Asset Management Inc. increased its holdings in shares of Eastman Chemical by 149.9% in the second 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 period. Acrospire Investment Management LLC increased its holdings in shares of Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after buying an additional 1,500 shares during the period. M&R Capital Management Inc. increased its holdings in shares of Eastman Chemical by 62.9% in the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after buying an additional 700 shares during the period. Fiduciary Trust Co. purchased a new position in shares of Eastman Chemical in the second quarter worth about $160,000. Finally, Advisory Services Network LLC increased its holdings in shares of Eastman Chemical by 105.3% in the second quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock worth $185,000 after buying an additional 1,130 shares during the period. Institutional investors and hedge funds own 82.49% of the company’s stock.
Eastman Chemical (NYSE:EMN) traded up $1.63 during trading on Tuesday, reaching $94.27. The company’s stock had a trading volume of 1,199,055 shares, compared to its average volume of 998,754. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. The company has a market cap of $13,550.00, a PE ratio of 13.68, a price-to-earnings-growth ratio of 1.58 and a beta of 1.30. Eastman Chemical has a fifty-two week low of $74.78 and a fifty-two week high of $94.96.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.16. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The business had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period in the previous year, the firm posted $1.86 EPS. The business’s revenue was up 7.8% on a year-over-year basis. equities analysts forecast that Eastman Chemical will post 7.12 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Monday, December 18th will be given a $0.56 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.51. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.38%. The ex-dividend date is Friday, December 15th. Eastman Chemical’s payout ratio is currently 32.51%.
In other news, SVP Perry Stuckey sold 5,200 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.14% of the company’s stock.
A number of research analysts recently issued reports on the company. SunTrust Banks restated a “hold” rating and set a $90.00 price target on shares of Eastman Chemical in a report on Thursday, October 12th. Jefferies Group restated a “buy” rating and set a $96.00 price target on shares of Eastman Chemical in a report on Tuesday, October 3rd. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. Goldman Sachs Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their price target for the company from $81.00 to $101.00 in a report on Thursday, September 28th. Finally, KeyCorp restated a “buy” rating and set a $108.00 price target (up previously from $100.00) on shares of Eastman Chemical in a report on Monday, October 30th. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $96.93.
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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