Candriam Luxembourg S.C.A. bought a new stake in Eastman Chemical Co. (NYSE:EMN) during the second quarter, Holdings Channel reports. The fund bought 7,734 shares of the company’s stock, valued at approximately $525,000.
A number of other large investors have also made changes to their positions in EMN. State Street Corp boosted its stake in shares of 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 during the period. Geode Capital Management LLC raised its position 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 valued at $91,545,000 after buying an additional 32,172 shares in the last quarter. Franklin Resources Inc. raised its position in Eastman Chemical by 3.5% in the first quarter. Franklin Resources Inc. now owns 1,022,126 shares of the company’s stock valued at $73,832,000 after buying an additional 34,137 shares in the last quarter. Retirement Systems of Alabama raised its position in Eastman Chemical by 434.5% in the second quarter. Retirement Systems of Alabama now owns 405,273 shares of the company’s stock valued at $27,518,000 after buying an additional 329,452 shares in the last quarter. Finally, Credit Agricole S A raised its position in Eastman Chemical by 14.8% in the first quarter. Credit Agricole S A now owns 337,029 shares of the company’s stock valued at $24,345,000 after buying an additional 43,525 shares in the last quarter. 84.06% of the stock is currently owned by institutional investors.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 1.31% during trading on Tuesday, hitting $65.31. The stock had a trading volume of 1,164,863 shares. The company has a market cap of $9.65 billion, a P/E ratio of 11.00 and a beta of 1.53. The stock’s 50-day moving average price is $66.35 and its 200-day moving average price is $70.22. Eastman Chemical Co. has a one year low of $56.03 and a one year high of $78.79.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 28th. The company reported $1.68 EPS for the quarter, missing analysts’ consensus estimates of $1.73 by $0.05. The company had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The firm’s revenue was down 9.3% on a year-over-year basis. During the same period in the previous year, the business earned $2.01 EPS. On average, equities research analysts forecast that Eastman Chemical Co. will post $6.54 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were paid a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.82%. The ex-dividend date of this dividend was Tuesday, September 13th. Eastman Chemical’s payout ratio is currently 30.98%.
Several research analysts have recently commented on EMN shares. Jefferies Group reiterated a “buy” rating and set a $88.00 price target on shares of Eastman Chemical in a report on Monday, October 3rd. Cowen and Company reduced their price target on Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating on the stock in a report on Tuesday, August 23rd. Morgan Stanley reiterated a “hold” rating on shares of Eastman Chemical in a report on Thursday, June 16th. Royal Bank Of Canada lowered Eastman Chemical from an “outperform” rating to a “sector perform” rating and reduced their price target for the stock from $83.00 to $70.00 in a report on Tuesday, August 2nd. Finally, TheStreet lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $76.29.
Eastman Chemical Company Profile
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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