First Midwest Bank Trust Division boosted its stake in shares of Eastman Chemical Co. (NYSE:EMN) by 237.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,848 shares of the company’s stock after buying an additional 10,447 shares during the period. First Midwest Bank Trust Division’s holdings in Eastman Chemical were worth $1,008,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in EMN. Boston Advisors LLC raised its stake in Eastman Chemical by 1,926.9% in the second quarter. Boston Advisors LLC now owns 209,785 shares of the company’s stock valued at $14,244,000 after buying an additional 199,435 shares in the last quarter. Retirement Systems of Alabama raised its stake 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. Nisa Investment Advisors LLC raised its stake in Eastman Chemical by 18.7% in the second quarter. Nisa Investment Advisors LLC now owns 88,943 shares of the company’s stock valued at $6,039,000 after buying an additional 13,985 shares in the last quarter. Creative Planning raised its stake in Eastman Chemical by 3.7% in the second quarter. Creative Planning now owns 6,690 shares of the company’s stock valued at $454,000 after buying an additional 237 shares in the last quarter. Finally, Geode Capital Management LLC raised 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 valued at $91,545,000 after buying an additional 32,172 shares in the last quarter. Institutional investors own 84.06% of the company’s stock.
Shares of Eastman Chemical Co. (NYSE:EMN) traded up 1.96% during mid-day trading on Friday, reaching $67.68. The company’s stock had a trading volume of 1,685,984 shares. The firm’s 50-day moving average price is $66.09 and its 200 day moving average price is $70.50. Eastman Chemical Co. has a 12-month low of $56.03 and a 12-month high of $78.79. The firm has a market cap of $10.00 billion, a P/E ratio of 11.40 and a beta of 1.61.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by $0.05. The company had revenue of $2.30 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $2.01 EPS. On average, analysts expect that Eastman Chemical Co. will post $6.54 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th will be given a dividend of $0.46 per share. The ex-dividend date is Tuesday, September 13th. This represents a $1.84 annualized dividend and a yield of 2.72%. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
EMN has been the topic of several analyst reports. Cowen and Company dropped their target price 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 reissued a “hold” rating on shares of Eastman Chemical in a report on Thursday, June 16th. Jefferies Group reissued a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a report on Friday, July 29th. Royal Bank Of Canada downgraded Eastman Chemical from an “outperform” rating to a “sector perform” rating and dropped their target price for the stock from $83.00 to $70.00 in a report on Tuesday, August 2nd. Finally, TheStreet downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 29th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target 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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