Allianz Asset Management GmbH Makes New Investment in Eastman Chemical (NYSE:EMN)

Allianz Asset Management GmbH purchased a new stake in Eastman Chemical (NYSE:EMNFree Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 47,479 shares of the basic materials company’s stock, valued at approximately $4,265,000.

Several other large investors also recently made changes to their positions in EMN. Turtle Creek Wealth Advisors LLC bought a new position in Eastman Chemical during the 4th quarter worth about $26,000. Sound Income Strategies LLC boosted its stake in Eastman Chemical by 213.8% in the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 278 shares during the period. Bruce G. Allen Investments LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $38,000. Orion Capital Management LLC bought a new position in Eastman Chemical during the 3rd quarter worth $40,000. Finally, Advantage Trust Co acquired a new stake in shares of Eastman Chemical during the fourth quarter worth $40,000. Institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock worth $10,885,638 in the last quarter. Insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

EMN stock opened at $101.01 on Friday. The company’s 50-day moving average is $98.97 and its 200-day moving average is $91.27. The stock has a market capitalization of $11.88 billion, a PE ratio of 13.02, a price-to-earnings-growth ratio of 1.06 and a beta of 1.51. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71.

Eastman Chemical (NYSE:EMNGet Free Report) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. Eastman Chemical’s revenue was down 4.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.63 EPS. Equities research analysts expect that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s payout ratio is presently 41.75%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on EMN shares. Barclays upped their price target on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. UBS Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their target price for the company from $106.00 to $128.00 in a research report on Thursday, May 23rd. Citigroup increased their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Wells Fargo & Company lifted their price target on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Finally, Royal Bank of Canada boosted their target price on Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 30th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $106.24.

Check Out Our Latest Report on EMN

Eastman Chemical Company Profile

(Free Report)

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.

Featured Stories

Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical (NYSE:EMNFree Report).

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

Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.