Capital Investment Advisory Services LLC purchased a new stake in Eastman Chemical (NYSE:EMN) during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 969 shares of the basic materials company’s stock, valued at approximately $71,000.
A number of other hedge funds also recently bought and sold shares of EMN. Massachusetts Financial Services Co. MA raised its position in Eastman Chemical by 108.1% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,783,518 shares of the basic materials company’s stock valued at $170,718,000 after purchasing an additional 926,293 shares in the last quarter. LSV Asset Management raised its position in Eastman Chemical by 9.4% in the 3rd quarter. LSV Asset Management now owns 5,504,697 shares of the basic materials company’s stock valued at $526,909,000 after purchasing an additional 471,527 shares in the last quarter. Deutsche Bank AG raised its position in Eastman Chemical by 41.0% in the 3rd quarter. Deutsche Bank AG now owns 1,194,697 shares of the basic materials company’s stock valued at $114,352,000 after purchasing an additional 347,574 shares in the last quarter. Canada Pension Plan Investment Board raised its position in Eastman Chemical by 146.7% in the 3rd quarter. Canada Pension Plan Investment Board now owns 564,850 shares of the basic materials company’s stock valued at $54,067,000 after purchasing an additional 335,897 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in Eastman Chemical by 53.1% in the 3rd quarter. Janus Henderson Group PLC now owns 659,273 shares of the basic materials company’s stock valued at $63,106,000 after purchasing an additional 228,623 shares in the last quarter. 85.03% of the stock is currently owned by institutional investors.
In other news, Director David W. Raisbeck purchased 13,500 shares of the company’s stock in a transaction that occurred on 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 purchase, the director now directly owns 35,418 shares of the company’s stock, valued at approximately $2,592,951.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.18% of the company’s stock.
Several equities research analysts have recently weighed in on the company. KeyCorp cut their target price on Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 29th. Zacks Investment Research lowered Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Wednesday, January 16th. Standpoint Research raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Wednesday, December 26th. Stifel Nicolaus assumed coverage on Eastman Chemical in a research report on Monday, December 10th. They set a “buy” rating and a $95.00 target price on the stock. Finally, SunTrust Banks raised their target price on Eastman Chemical to $88.00 and gave the stock a “hold” rating in a research report on Monday, November 19th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $94.91.
Shares of NYSE EMN opened at $81.16 on Thursday. The stock has a market cap of $11.08 billion, a PE ratio of 9.90, a price-to-earnings-growth ratio of 1.04 and a beta of 1.20. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98. Eastman Chemical has a fifty-two week low of $67.40 and a fifty-two week high of $112.45.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.21). The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.42 billion. Eastman Chemical had a return on equity of 20.22% and a net margin of 10.64%. Equities analysts forecast that Eastman Chemical will post 8.76 EPS for the current year.
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Eastman Chemical 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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