Bank of Montreal Can purchased a new stake in Eastman Chemical Co. (NYSE:EMN) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 76,775 shares of the company’s stock, valued at approximately $5,213,000.
Other hedge funds also recently bought and sold shares of the company. State Street Corp boosted its stake in Eastman Chemical by 5.3% in the first quarter. State Street Corp now owns 6,255,812 shares of the company’s stock valued at $451,861,000 after buying an additional 312,926 shares in the last quarter. Geode Capital Management LLC boosted its stake in Eastman Chemical by 2.6% in the first quarter. Geode Capital Management LLC now owns 1,269,863 shares of the company’s stock worth $91,545,000 after buying an additional 32,172 shares during the period. Franklin Resources Inc. boosted its stake in Eastman Chemical by 3.5% in the first quarter. Franklin Resources Inc. now owns 1,022,126 shares of the company’s stock worth $73,832,000 after buying an additional 34,137 shares during the period. Credit Agricole S A boosted its stake in Eastman Chemical by 14.8% in the first quarter. Credit Agricole S A now owns 337,029 shares of the company’s stock worth $24,345,000 after buying an additional 43,525 shares during the period. Finally, Teachers Advisors Inc. boosted its stake in Eastman Chemical by 6.7% in the first quarter. Teachers Advisors Inc. now owns 283,456 shares of the company’s stock worth $20,474,000 after buying an additional 17,842 shares during the period. Institutional investors and hedge funds own 84.06% of the company’s stock.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 1.44% during trading on Wednesday, reaching $64.37. 1,264,127 shares of the company were exchanged. The company has a 50 day moving average price of $66.31 and a 200-day moving average price of $70.19. Eastman Chemical Co. has a one year low of $56.03 and a one year high of $78.79. The stock has a market capitalization of $9.51 billion, a price-to-earnings ratio of 10.84 and a beta of 1.53.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the consensus estimate of $1.73 by $0.05. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. Eastman Chemical’s revenue was down 9.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.01 earnings per share. Equities analysts predict that Eastman Chemical Co. will post $6.54 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were paid a dividend of $0.46 per share. The ex-dividend date was Tuesday, September 13th. This represents a $1.84 annualized dividend and a dividend yield of 2.86%. Eastman Chemical’s dividend payout ratio is currently 30.98%.
A number of research firms have issued reports on EMN. Citigroup Inc. cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their target price for the company from $74.00 to $73.00 in a research note on Wednesday, September 7th. Nomura reiterated a “buy” rating on shares of Eastman Chemical in a research note on Monday, July 11th. SunTrust Banks Inc. reiterated a “neutral” rating and issued a $66.00 target price on shares of Eastman Chemical in a research note on Tuesday, August 2nd. Deutsche Bank AG reduced their target price on shares of Eastman Chemical from $85.00 to $75.00 and set a “buy” rating for the company in a research note on Monday, August 1st. Finally, Morgan Stanley reiterated a “hold” rating on shares of Eastman Chemical in a research note on Thursday, June 16th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have issued a buy rating to the company. Eastman Chemical presently has a consensus rating of “Hold” and a consensus target price of $76.29.
About Eastman Chemical
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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