Armbruster Capital Management Inc. continued to hold its position in Eastman Chemical Co. (NYSE:EMN) during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,550 shares of the company’s stock at the end of the second quarter. Armbruster Capital Management Inc.’s holdings in Eastman Chemical were worth $309,000 as of its most recent SEC filing.
Several other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC boosted its position 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 worth $91,545,000 after buying an additional 32,172 shares during the last quarter. Riverhead Capital Management LLC boosted its stake in shares of Eastman Chemical by 151.3% in the first quarter. Riverhead Capital Management LLC now owns 97,038 shares of the company’s stock valued at $7,010,000 after buying an additional 58,418 shares in the last quarter. AXA boosted its stake in shares of Eastman Chemical by 60.9% in the first quarter. AXA now owns 38,300 shares of the company’s stock valued at $2,766,000 after buying an additional 14,500 shares in the last quarter. Forward Management LLC boosted its stake in shares of Eastman Chemical by 1.1% in the first quarter. Forward Management LLC now owns 11,811 shares of the company’s stock valued at $853,000 after buying an additional 130 shares in the last quarter. Finally, Pictet Asset Management Ltd. boosted its stake in shares of Eastman Chemical by 4.6% in the first quarter. Pictet Asset Management Ltd. now owns 80,382 shares of the company’s stock valued at $5,156,000 after buying an additional 3,500 shares in the last quarter. Hedge funds and other institutional investors own 84.06% of the company’s stock.
Eastman Chemical Co. (NYSE:EMN) traded down 0.38% on Monday, reaching $63.49. The company had a trading volume of 1,615,797 shares. The company has a market capitalization of $9.38 billion, a P/E ratio of 10.69 and a beta of 1.53. The stock’s 50-day moving average is $66.00 and its 200-day moving average is $70.03. 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 earnings results on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the firm earned $2.01 EPS. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical Co. will post $6.54 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were given a dividend of $0.46 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.84 annualized dividend and a dividend yield of 2.90%. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
EMN has been the subject of several analyst reports. Jefferies Group restated a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a report on Monday, October 3rd. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday. Cowen and Company dropped their target price on Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating for the company in a report on Tuesday, August 23rd. Royal Bank Of Canada cut Eastman Chemical from an “outperform” rating to a “sector perform” rating and dropped their target price for the company from $83.00 to $70.00 in a report on Tuesday, August 2nd. Finally, TheStreet cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. Eastman Chemical has an average rating of “Hold” and a consensus 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).