Stratos Wealth Partners LTD. decreased its position in shares of Eastman Chemical Company (NYSE:EMN) by 34.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,922 shares of the basic materials company’s stock after selling 2,016 shares during the period. Stratos Wealth Partners LTD.’s holdings in Eastman Chemical were worth $355,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds have also recently bought and sold shares of the business. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of Eastman Chemical by 112.1% during the third quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 39,860 shares of the basic materials company’s stock valued at $3,607,000 after purchasing an additional 21,071 shares during the period. Ifrah Financial Services Inc. boosted its stake in shares of Eastman Chemical by 51.1% during the third quarter. Ifrah Financial Services Inc. now owns 4,161 shares of the basic materials company’s stock valued at $377,000 after purchasing an additional 1,407 shares during the period. Montag A & Associates Inc. boosted its stake in shares of Eastman Chemical by 8.8% during the third quarter. Montag A & Associates Inc. now owns 37,050 shares of the basic materials company’s stock valued at $3,353,000 after purchasing an additional 3,000 shares during the period. Teacher Retirement System of Texas purchased a new stake in shares of Eastman Chemical during the third quarter valued at $12,365,000. Finally, Rhumbline Advisers boosted its stake in shares of Eastman Chemical by 0.9% during the third quarter. Rhumbline Advisers now owns 271,178 shares of the basic materials company’s stock valued at $24,539,000 after purchasing an additional 2,373 shares during the period. Institutional investors and hedge funds own 82.66% of the company’s stock.
In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.14% of the company’s stock.
Eastman Chemical Company (EMN) traded down $0.58 during mid-day trading on Monday, hitting $91.40. 1,172,276 shares of the company’s stock traded hands, compared to its average volume of 1,149,826. The stock has a market capitalization of $13,140.00, a price-to-earnings ratio of 12.25, a price-to-earnings-growth ratio of 1.57 and a beta of 1.30. Eastman Chemical Company has a 1-year low of $74.31 and a 1-year high of $94.96. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.16. The business had revenue of $2.47 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.86 earnings per share. sell-side analysts expect that Eastman Chemical Company will post 7.13 EPS for the current year.
A number of analysts have recently issued reports on the stock. SunTrust Banks reissued a “hold” rating and set a $90.00 target price on shares of Eastman Chemical in a research note on Thursday, October 12th. Cowen boosted their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday, August 7th. Jefferies Group reissued a “buy” rating and set a $96.00 target price on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Finally, Goldman Sachs Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $81.00 to $101.00 in a research note on Thursday, September 28th. Ten analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Eastman Chemical currently has an average rating of “Hold” and an average price target of $96.00.
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About Eastman Chemical
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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