Eastman Chemical (NYSE:EMN) Shares Purchased by Sei Investments Co.

Sei Investments Co. increased its position in shares of Eastman Chemical (NYSE:EMN) by 14.8% in the second quarter, HoldingsChannel reports. The firm owned 17,203 shares of the basic materials company’s stock after acquiring an additional 2,223 shares during the quarter. Sei Investments Co.’s holdings in Eastman Chemical were worth $2,057,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently made changes to their positions in EMN. American Century Companies Inc. lifted its holdings in Eastman Chemical by 3,631.9% in the second quarter. American Century Companies Inc. now owns 390,317 shares of the basic materials company’s stock valued at $45,570,000 after acquiring an additional 379,858 shares during the period. BlackRock Inc. lifted its holdings in Eastman Chemical by 3.8% in the first quarter. BlackRock Inc. now owns 9,573,013 shares of the basic materials company’s stock valued at $1,054,182,000 after acquiring an additional 353,242 shares during the period. Lazard Asset Management LLC lifted its holdings in Eastman Chemical by 251.9% in the first quarter. Lazard Asset Management LLC now owns 454,640 shares of the basic materials company’s stock valued at $50,064,000 after acquiring an additional 325,431 shares during the period. Ninety One UK Ltd lifted its holdings in Eastman Chemical by 11.9% in the first quarter. Ninety One UK Ltd now owns 2,159,381 shares of the basic materials company’s stock valued at $237,791,000 after acquiring an additional 229,348 shares during the period. Finally, Nuveen Asset Management LLC lifted its holdings in Eastman Chemical by 55.7% in the first quarter. Nuveen Asset Management LLC now owns 525,471 shares of the basic materials company’s stock valued at $57,865,000 after acquiring an additional 187,989 shares during the period. 83.59% of the stock is owned by institutional investors.

In other news, EVP Brad A. Lich sold 26,496 shares of the company’s stock in a transaction on Thursday, August 26th. The stock was sold at an average price of $113.19, for a total value of $2,999,082.24. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Mark J. Costa sold 45,000 shares of the company’s stock in a transaction on Thursday, August 12th. The shares were sold at an average price of $115.30, for a total value of $5,188,500.00. Following the completion of the transaction, the chief executive officer now directly owns 265,381 shares in the company, valued at approximately $30,598,429.30. The disclosure for this sale can be found here. 1.93% of the stock is owned by corporate insiders.

A number of research analysts have issued reports on the company. Wells Fargo & Company boosted their price target on Eastman Chemical from $130.00 to $142.00 and gave the company an “overweight” rating in a report on Tuesday, June 22nd. Royal Bank of Canada restated a “sector perform” rating and issued a $109.44 price objective (down from $119.00) on shares of Eastman Chemical in a research report on Tuesday, July 27th. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and set a $140.00 price objective for the company in a research report on Thursday, August 5th. Wolfe Research initiated coverage on Eastman Chemical in a research report on Wednesday, June 9th. They issued an “outperform” rating for the company. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on Eastman Chemical from $132.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, June 14th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $125.54.

Shares of EMN opened at $103.09 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.41 and a current ratio of 2.06. Eastman Chemical has a one year low of $74.84 and a one year high of $130.47. The stock has a market capitalization of $14.00 billion, a price-to-earnings ratio of 44.24, a PEG ratio of 0.62 and a beta of 1.50. The stock has a 50 day moving average price of $111.39 and a 200 day moving average price of $115.67.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Sunday, August 1st. The basic materials company reported $2.46 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.13. The company had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.40 billion. Eastman Chemical had a return on equity of 17.52% and a net margin of 3.43%. The firm’s quarterly revenue was up 37.9% on a year-over-year basis. During the same period in the prior year, the business earned $0.85 EPS. On average, analysts predict that Eastman Chemical will post 9.23 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Wednesday, September 15th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 2.68%. The ex-dividend date of this dividend is Tuesday, September 14th. Eastman Chemical’s payout ratio is currently 44.88%.

Eastman Chemical Company Profile

Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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