Scopus Asset Management L.P. Invests $12.11 Million in Eastman Chemical (NYSE:EMN)

Scopus Asset Management L.P. acquired a new position in Eastman Chemical (NYSE:EMN) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 110,000 shares of the basic materials company’s stock, valued at approximately $12,113,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Eaton Vance Management raised its stake in shares of Eastman Chemical by 1.8% in the 1st quarter. Eaton Vance Management now owns 28,594 shares of the basic materials company’s stock worth $3,149,000 after buying an additional 495 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of Eastman Chemical in the 1st quarter worth $299,000. Evercore Wealth Management LLC bought a new stake in shares of Eastman Chemical in the 1st quarter worth $203,000. Morgan Stanley raised its stake in shares of Eastman Chemical by 3.0% in the 1st quarter. Morgan Stanley now owns 1,436,766 shares of the basic materials company’s stock worth $158,218,000 after buying an additional 41,888 shares in the last quarter. Finally, First Heartland Consultants Inc. bought a new stake in shares of Eastman Chemical in the 1st quarter worth $216,000. 84.13% of the stock is currently owned by institutional investors.

In other Eastman Chemical news, SVP Perry Stuckey sold 8,487 shares of the business’s stock in a transaction dated Tuesday, May 4th. The stock was sold at an average price of $119.24, for a total value of $1,011,989.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Scott V. King sold 12,588 shares of the business’s stock in a transaction dated Thursday, May 13th. The stock was sold at an average price of $126.00, for a total value of $1,586,088.00. Following the completion of the sale, the chief accounting officer now directly owns 7,827 shares of the company’s stock, valued at approximately $986,202. The disclosure for this sale can be found here. Insiders sold 111,461 shares of company stock worth $13,969,529 in the last 90 days. Corporate insiders own 1.93% of the company’s stock.

A number of equities analysts recently issued reports on EMN shares. KeyCorp lifted their target price on Eastman Chemical from $126.00 to $135.00 and gave the stock an “overweight” rating in a report on Monday, May 3rd. Morgan Stanley lifted their target price on Eastman Chemical from $130.00 to $142.00 and gave the stock an “overweight” rating in a report on Wednesday, May 5th. Wells Fargo & Company lifted their target price on Eastman Chemical from $130.00 to $142.00 and gave the stock an “overweight” rating in a report on Tuesday, June 22nd. The Goldman Sachs Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and set a $148.00 target price on the stock in a report on Tuesday, May 11th. Finally, Scotiabank upgraded Eastman Chemical from a “sector perform” rating to a “sector outperform” rating and set a $145.00 target price on the stock in a report on Monday, June 21st. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $123.27.

Shares of EMN stock traded down $1.03 on Thursday, reaching $108.81. 5,296 shares of the company’s stock traded hands, compared to its average volume of 619,329. Eastman Chemical has a 12-month low of $69.64 and a 12-month high of $130.47. The company has a quick ratio of 1.14, a current ratio of 1.88 and a debt-to-equity ratio of 0.82. The company has a market capitalization of $14.83 billion, a P/E ratio of 30.51, a P/E/G ratio of 0.68 and a beta of 1.49. The company has a 50 day moving average of $120.21.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 29th. The basic materials company reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.10. Eastman Chemical had a return on equity of 13.86% and a net margin of 5.72%. The business had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.34 billion. On average, equities research analysts expect that Eastman Chemical will post 8.72 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, July 2nd. Shareholders of record on Tuesday, June 15th were paid a $0.69 dividend. The ex-dividend date was Monday, June 14th. This represents a $2.76 dividend on an annualized basis and a yield of 2.54%. Eastman Chemical’s dividend payout ratio (DPR) is currently 44.88%.

Eastman Chemical 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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