Murphy Capital Management Inc. Sells 760 Shares of Eastman Chemical (EMN)

Murphy Capital Management Inc. trimmed its stake in Eastman Chemical (NYSE:EMN) by 11.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,990 shares of the basic materials company’s stock after selling 760 shares during the period. Murphy Capital Management Inc.’s holdings in Eastman Chemical were worth $437,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of EMN. Advisors Asset Management Inc. boosted its position in Eastman Chemical by 49.1% during the second quarter. Advisors Asset Management Inc. now owns 7,451 shares of the basic materials company’s stock valued at $745,000 after acquiring an additional 2,454 shares during the last quarter. Schroder Investment Management Group boosted its position in Eastman Chemical by 46.3% during the second quarter. Schroder Investment Management Group now owns 36,278 shares of the basic materials company’s stock valued at $3,617,000 after acquiring an additional 11,482 shares during the last quarter. Manning & Napier Group LLC boosted its position in Eastman Chemical by 9.2% during the third quarter. Manning & Napier Group LLC now owns 41,321 shares of the basic materials company’s stock valued at $3,954,000 after acquiring an additional 3,469 shares during the last quarter. Bank of Montreal Can boosted its position in Eastman Chemical by 0.3% during the third quarter. Bank of Montreal Can now owns 448,770 shares of the basic materials company’s stock valued at $42,956,000 after acquiring an additional 1,238 shares during the last quarter. Finally, Deprince Race & Zollo Inc. boosted its position in Eastman Chemical by 11.8% during the third quarter. Deprince Race & Zollo Inc. now owns 198,776 shares of the basic materials company’s stock valued at $19,027,000 after acquiring an additional 21,036 shares during the last quarter. Institutional investors and hedge funds own 85.03% of the company’s stock.

In other news, Director David W. Raisbeck purchased 13,500 shares of the business’s stock in a transaction on Friday, December 7th. The stock was purchased at an average cost of $73.21 per share, with a total value of $988,335.00. Following the acquisition, the director now directly owns 35,418 shares in the company, valued at $2,592,951.78. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 1.18% of the company’s stock.

EMN stock opened at $79.10 on Monday. The stock has a market cap of $11.08 billion, a PE ratio of 9.65, a P/E/G 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 1 year low of $67.40 and a 1 year high of $112.45.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.60 by ($0.21). The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.42 billion. Eastman Chemical had a return on equity of 20.22% and a net margin of 10.64%. As a group, sell-side analysts expect that Eastman Chemical will post 8.76 EPS for the current fiscal year.

EMN has been the topic of a number of research analyst reports. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. KeyCorp cut their price target on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 29th. Cowen cut their price target on shares of Eastman Chemical from $115.00 to $100.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 31st. Standpoint Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. Finally, Stifel Nicolaus started coverage on shares of Eastman Chemical in a research report on Monday, December 10th. They set a “buy” rating and a $95.00 price target on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $94.91.

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Eastman Chemical Company 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.

Further Reading: Understanding Options Trading

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

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