HPM Partners LLC lifted its position in Eastman Chemical (NYSE:EMN) by 15.2% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,097 shares of the basic materials company’s stock after acquiring an additional 2,385 shares during the period. HPM Partners LLC’s holdings in Eastman Chemical were worth $1,809,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. LSV Asset Management grew its position in Eastman Chemical by 6.6% during the 2nd quarter. LSV Asset Management now owns 5,033,170 shares of the basic materials company’s stock worth $503,115,000 after purchasing an additional 309,716 shares during the period. OppenheimerFunds Inc. grew its position in Eastman Chemical by 13.8% during the 1st quarter. OppenheimerFunds Inc. now owns 2,849,739 shares of the basic materials company’s stock worth $300,875,000 after purchasing an additional 346,667 shares during the period. Victory Capital Management Inc. grew its position in Eastman Chemical by 0.3% during the 2nd quarter. Victory Capital Management Inc. now owns 2,085,840 shares of the basic materials company’s stock worth $208,500,000 after purchasing an additional 7,043 shares during the period. Allianz Asset Management GmbH grew its position in Eastman Chemical by 10.9% during the 1st quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock worth $182,746,000 after purchasing an additional 169,568 shares during the period. Finally, Morgan Stanley grew its position in Eastman Chemical by 158.3% during the 2nd quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock worth $121,546,000 after purchasing an additional 745,156 shares during the period. 83.05% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CAO Scott V. King sold 16,192 shares of the firm’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the sale, the chief accounting officer now directly owns 5,898 shares in the company, valued at approximately $597,762.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark J. Costa sold 20,000 shares of the firm’s stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the sale, the chief executive officer now owns 190,584 shares in the company, valued at $19,058,400. The disclosure for this sale can be found here. Insiders have sold a total of 39,715 shares of company stock worth $4,005,972 over the last 90 days. Insiders own 1.14% of the company’s stock.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, beating the Zacks’ consensus estimate of $2.20 by $0.02. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The firm had revenue of $2.62 billion for the quarter, compared to analysts’ expectations of $2.59 billion. During the same period last year, the firm earned $1.98 EPS. The company’s quarterly revenue was up 8.4% on a year-over-year basis. analysts expect that Eastman Chemical will post 8.57 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 14th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date is Thursday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.
Several brokerages have weighed in on EMN. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research report on Tuesday, July 3rd. ValuEngine downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Finally, Morgan Stanley increased their price target on Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 31st. Ten research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $105.31.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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