WINTON GROUP Ltd cut its stake in Eastman Chemical (NYSE:EMN) by 96.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,293 shares of the basic materials company’s stock after selling 63,429 shares during the quarter. WINTON GROUP Ltd’s holdings in Eastman Chemical were worth $229,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently modified their holdings of the company. PNC Financial Services Group Inc. lifted its position in Eastman Chemical by 10.6% in the second quarter. PNC Financial Services Group Inc. now owns 902,335 shares of the basic materials company’s stock worth $90,200,000 after buying an additional 86,706 shares during the last quarter. Cumberland Partners Ltd bought a new stake in shares of Eastman Chemical during the second quarter worth $700,000. Worldquant Millennium Quantitative Strategies LLC bought a new stake in shares of Eastman Chemical during the second quarter worth $19,597,000. Neuburgh Advisers LLC lifted its position in shares of Eastman Chemical by 27.9% during the second quarter. Neuburgh Advisers LLC now owns 89,712 shares of the basic materials company’s stock worth $8,968,000 after purchasing an additional 19,552 shares during the last quarter. Finally, LSV Asset Management lifted its position in shares of Eastman Chemical by 6.6% during the second 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 last quarter. Institutional investors own 83.05% of the company’s stock.
EMN has been the subject of several research analyst reports. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating in a research report on Friday. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday. Morgan Stanley lifted their target price 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. Finally, ValuEngine downgraded Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Saturday. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and six have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $106.14.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, beating the consensus estimate of $2.20 by $0.02. The firm had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.59 billion. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The business’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same quarter last year, the firm posted $1.98 earnings per share. On average, sell-side analysts anticipate that Eastman Chemical will post 8.57 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 14th were paid a dividend of $0.56 per share. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 2.45%. Eastman Chemical’s dividend payout ratio is currently 29.43%.
In other news, CEO Mark J. Costa sold 20,000 shares of the firm’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the transaction, the chief executive officer now owns 190,584 shares in the company, valued at $19,058,400. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lucian Boldea sold 3,523 shares of the firm’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total value of $364,912.34. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,715 shares of company stock worth $4,005,972. Insiders own 1.18% of the company’s stock.
Eastman Chemical Profile
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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