Huntington National Bank cut its position in shares of Eastman Chemical Co. (NYSE:EMN) by 55.9% during the second quarter, according to its most recent filing with the SEC. The fund owned 27,943 shares of the company’s stock after selling 35,370 shares during the period. Huntington National Bank’s holdings in Eastman Chemical were worth $1,897,000 at the end of the most recent quarter.
A number of other large investors have also bought and sold shares of EMN. AXA boosted its stake in Eastman Chemical by 60.9% in the first quarter. AXA now owns 38,300 shares of the company’s stock worth $2,766,000 after buying an additional 14,500 shares during the period. Forward Management LLC boosted its stake in Eastman Chemical by 1.1% in the first quarter. Forward Management LLC now owns 11,811 shares of the company’s stock worth $853,000 after buying an additional 130 shares during the period. Pictet Asset Management Ltd. boosted its stake in Eastman Chemical by 4.6% in the first quarter. Pictet Asset Management Ltd. now owns 80,382 shares of the company’s stock worth $5,156,000 after buying an additional 3,500 shares during the period. Meeder Asset Management Inc. acquired a new stake in Eastman Chemical during the first quarter worth $189,000. Finally, 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 worth $451,861,000 after buying an additional 312,926 shares during the period. Institutional investors and hedge funds own 84.06% of the company’s stock.
Eastman Chemical Co. (NYSE:EMN) traded up 0.89% during trading on Friday, reaching $63.73. The company’s stock had a trading volume of 2,356,710 shares. The stock has a 50-day moving average price of $66.00 and a 200 day moving average price of $70.03. The company has a market cap of $9.41 billion, a PE ratio of 10.73 and a beta of 1.53. Eastman Chemical Co. has a 52-week low of $56.03 and a 52-week high of $78.79.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. The company earned $2.30 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. Eastman Chemical’s revenue for the quarter was down 9.3% compared to the same quarter last year. During the same quarter last year, the firm posted $2.01 earnings per share. On average, analysts expect that Eastman Chemical Co. will post $6.54 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Thursday, September 15th were given a $0.46 dividend. This represents a $1.84 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
A number of equities research analysts recently weighed in on the company. Jefferies Group restated a “buy” rating and issued a $88.00 price target on shares of Eastman Chemical in a research note on Friday, July 29th. Nomura restated a “buy” rating on shares of Eastman Chemical in a research note on Monday, July 11th. Royal Bank Of Canada dropped their price target on Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, June 27th. Citigroup Inc. lowered Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $74.00 to $73.00 in a report on Wednesday, September 7th. Finally, Susquehanna assumed coverage on Eastman Chemical in a report on Friday, July 1st. They issued a “positive” rating and a $90.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. The company presently 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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