Ipswich Investment Management Co. Inc. purchased a new position in Eastman Chemical (NYSE:EMN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 914 shares of the basic materials company’s stock, valued at approximately $67,000.
A number of other hedge funds also recently added to or reduced their stakes in EMN. Moody National Bank Trust Division bought a new position in shares of Eastman Chemical during the fourth quarter valued at approximately $29,000. Edge Wealth Management LLC bought a new position in shares of Eastman Chemical during the fourth quarter valued at approximately $73,000. Captrust Financial Advisors increased its stake in shares of Eastman Chemical by 657.1% during the third quarter. Captrust Financial Advisors now owns 1,060 shares of the basic materials company’s stock valued at $102,000 after purchasing an additional 920 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Eastman Chemical during the second quarter valued at approximately $120,000. Finally, Resources Management Corp CT ADV bought a new position in shares of Eastman Chemical during the third quarter valued at approximately $153,000. 82.44% of the stock is owned by institutional investors.
In other news, Director David W. Raisbeck purchased 13,500 shares of the business’s stock in a transaction dated Friday, December 7th. The shares were purchased at an average price of $73.21 per share, for a total transaction of $988,335.00. Following the completion of the acquisition, the director now directly owns 35,418 shares in the company, valued at approximately $2,592,951.78. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.18% of the company’s stock.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 EPS for the quarter, beating the Zacks’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. The firm had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.53 billion. As a group, equities analysts predict that Eastman Chemical will post 8.4 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, January 4th. Stockholders of record on Monday, December 17th were issued a dividend of $0.62 per share. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Friday, December 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.13%. Eastman Chemical’s dividend payout ratio is presently 32.59%.
EMN has been the subject of a number of analyst reports. KeyCorp decreased their target price on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating for the company in a research note on Monday, October 29th. Zacks Investment Research downgraded shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Wednesday. Standpoint Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Wednesday, December 26th. Stifel Nicolaus initiated coverage on shares of Eastman Chemical in a research note on Monday, December 10th. They set a “buy” rating and a $95.00 target price for the company. Finally, JPMorgan Chase & Co. raised shares of Eastman Chemical from a “neutral” rating to an “overweight” rating in a research note on Friday, October 12th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $97.00.
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Eastman Chemical Company 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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