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CHURCHILL MANAGEMENT Corp Purchases New Shares in Eastman Chemical (NYSE:EMN)

Eastman Chemical logo with Basic Materials background

CHURCHILL MANAGEMENT Corp purchased a new stake in shares of Eastman Chemical (NYSE:EMN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 16,769 shares of the basic materials company's stock, valued at approximately $1,681,000.

A number of other institutional investors also recently bought and sold shares of the stock. Kestra Advisory Services LLC lifted its position in Eastman Chemical by 8.6% during the third quarter. Kestra Advisory Services LLC now owns 14,047 shares of the basic materials company's stock valued at $1,078,000 after buying an additional 1,113 shares during the period. Rafferty Asset Management LLC boosted its stake in Eastman Chemical by 14.4% during the third quarter. Rafferty Asset Management LLC now owns 13,557 shares of the basic materials company's stock worth $1,040,000 after acquiring an additional 1,710 shares in the last quarter. Korea Investment CORP grew its holdings in Eastman Chemical by 29.7% in the third quarter. Korea Investment CORP now owns 34,953 shares of the basic materials company's stock worth $2,682,000 after purchasing an additional 7,999 shares during the period. Envestnet Asset Management Inc. increased its stake in shares of Eastman Chemical by 30.0% during the third quarter. Envestnet Asset Management Inc. now owns 497,124 shares of the basic materials company's stock valued at $38,139,000 after purchasing an additional 114,604 shares in the last quarter. Finally, WINTON GROUP Ltd lifted its holdings in shares of Eastman Chemical by 9.8% during the third quarter. WINTON GROUP Ltd now owns 3,339 shares of the basic materials company's stock valued at $256,000 after purchasing an additional 297 shares during the last quarter. 83.65% of the stock is owned by institutional investors.


Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the firm's 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 legal filing with the SEC, which can be accessed through this link. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the business's stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock worth $10,885,638 over the last three months. 1.93% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EMN. StockNews.com lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Thursday. KeyCorp upped their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 9th. Royal Bank of Canada raised their price objective on shares of Eastman Chemical from $100.00 to $104.00 and gave the company a "sector perform" rating in a research note on Tuesday, April 30th. Citigroup upped their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a "buy" rating in a research note on Wednesday, April 10th. Finally, Mizuho raised their price target on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a "neutral" rating in a research report on Friday, April 26th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Get Our Latest Stock Report on Eastman Chemical

Eastman Chemical Stock Performance

EMN traded up $0.53 during trading on Friday, hitting $98.61. The company's stock had a trading volume of 1,651,630 shares, compared to its average volume of 815,401. The business's 50 day simple moving average is $99.11 and its 200-day simple moving average is $92.86. The firm has a market cap of $11.60 billion, a PE ratio of 12.71, a P/E/G ratio of 1.06 and a beta of 1.51. Eastman Chemical has a one year low of $68.89 and a one year high of $105.98. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. Eastman Chemical's revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period last year, the firm earned $1.63 EPS. As a group, sell-side analysts predict that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical's dividend payout ratio is currently 41.75%.

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.

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

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