Caisse DE Depot ET Placement DU Quebec reduced its stake in Eastman Chemical Company (NYSE:EMN) by 0.2% during the first quarter, Holdings Channel reports. The firm owned 42,595 shares of the basic materials company’s stock after selling 100 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Eastman Chemical Company were worth $3,445,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Guggenheim Capital LLC raised its position in shares of Eastman Chemical Company by 12.8% in the fourth quarter. Guggenheim Capital LLC now owns 499,570 shares of the basic materials company’s stock valued at $37,573,000 after buying an additional 56,855 shares during the period. Ellington Management Group LLC raised its position in shares of Eastman Chemical Company by 11.9% in the fourth quarter. Ellington Management Group LLC now owns 6,600 shares of the basic materials company’s stock valued at $496,000 after buying an additional 700 shares during the period. Seven Eight Capital LP purchased a new position in shares of Eastman Chemical Company during the fourth quarter valued at $492,000. Tudor Investment Corp Et Al raised its position in shares of Eastman Chemical Company by 324.1% in the fourth quarter. Tudor Investment Corp Et Al now owns 17,095 shares of the basic materials company’s stock valued at $1,286,000 after buying an additional 13,064 shares during the period. Finally, Loomis Sayles & Co. L P purchased a new position in shares of Eastman Chemical Company during the fourth quarter valued at $166,000. 88.55% of the stock is currently owned by institutional investors and hedge funds.
Eastman Chemical Company (NYSE:EMN) traded up 0.52% during trading on Friday, reaching $83.28. The company had a trading volume of 587,023 shares. The stock has a market cap of $12.14 billion, a P/E ratio of 14.01 and a beta of 1.32. Eastman Chemical Company has a 12-month low of $62.70 and a 12-month high of $86.28. The firm has a 50-day moving average price of $80.32 and a 200 day moving average price of $78.93.
Eastman Chemical Company (NYSE:EMN) last released its earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.74 by $0.09. Eastman Chemical Company had a net margin of 9.84% and a return on equity of 22.23%. The firm had revenue of $2.30 billion during the quarter, compared to analyst estimates of $2.24 billion. Equities research analysts predict that Eastman Chemical Company will post $7.47 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Thursday, June 15th will be issued a dividend of $0.51 per share. The ex-dividend date is Tuesday, June 13th. This represents a $2.04 annualized dividend and a dividend yield of 2.46%. Eastman Chemical Company’s payout ratio is 33.83%.
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EMN has been the topic of several research reports. Zacks Investment Research lowered Eastman Chemical Company from a “buy” rating to a “hold” rating in a research report on Wednesday. Deutsche Bank AG reissued a “buy” rating and issued a $92.00 price objective on shares of Eastman Chemical Company in a research report on Wednesday. BidaskClub raised Eastman Chemical Company from a “hold” rating to a “buy” rating in a research report on Thursday, June 15th. Jefferies Group LLC reissued a “buy” rating and issued a $90.00 price objective on shares of Eastman Chemical Company in a research report on Friday, June 16th. Finally, TheStreet lowered Eastman Chemical Company from a “b” rating to a “c+” rating in a research report on Thursday, March 30th. Four research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $84.73.
In other news, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.14% of the company’s stock.
About Eastman Chemical Company
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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