Synovus Financial Corp raised its position in Eastman Chemical Company (NYSE:EMN) by 8.3% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 5,266 shares of the basic materials company’s stock after acquiring an additional 404 shares during the period. Synovus Financial Corp’s holdings in Eastman Chemical were worth $442,000 as of its most recent filing with the SEC.
Other large investors also recently made changes to their positions in the company. BlackRock Inc. boosted its position in shares of Eastman Chemical by 3,636.5% during the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock valued at $926,666,000 after buying an additional 11,161,689 shares during the last quarter. Blackstone Group L.P. bought a new stake in Eastman Chemical during the first quarter worth $102,065,000. Contravisory Investment Management Inc. lifted its holdings in Eastman Chemical by 1.6% during the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock worth $277,000 after acquiring an additional 52 shares during the period. Prudential Financial Inc. lifted its holdings in Eastman Chemical by 3.0% during the second quarter. Prudential Financial Inc. now owns 561,295 shares of the basic materials company’s stock worth $47,143,000 after acquiring an additional 16,260 shares during the period. Finally, Ameriprise Financial Inc. lifted its holdings in Eastman Chemical by 17.9% during the first quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock worth $215,277,000 after acquiring an additional 404,626 shares during the period. 82.13% of the stock is currently owned by institutional investors.
Eastman Chemical Company (EMN) opened at 86.48 on Friday. The company’s 50-day moving average price is $84.71 and its 200 day moving average price is $81.98. The stock has a market capitalization of $12.52 billion, a PE ratio of 13.88 and a beta of 1.26. Eastman Chemical Company has a 52-week low of $62.70 and a 52-week high of $87.54.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter last year, the company posted $1.68 EPS. The firm’s revenue was up 5.3% compared to the same quarter last year. Equities analysts forecast that Eastman Chemical Company will post $7.52 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be given a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.36%. Eastman Chemical’s dividend payout ratio is presently 32.28%.
A number of brokerages recently commented on EMN. UBS AG reiterated a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. Citigroup Inc. boosted their target price on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, June 6th. Cowen and Company boosted their target price on Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $85.00 target price on shares of Eastman Chemical in a research note on Monday, June 5th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $90.90.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the sale, the director now directly owns 21,858 shares in the company, valued at approximately $1,845,470.94. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.
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About Eastman Chemical
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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