Profit Investment Management Lowers stake in Eastman Chemical Company (EMN)

Eastman Chemical Company (EMN) : Profit Investment Management reduced its stake in Eastman Chemical Company by 8.53% during the most recent quarter end. The investment management company now holds a total of 69,663 shares of Eastman Chemical Company which is valued at $5,332,006 after selling 6,497 shares in Eastman Chemical Company , the firm said in a disclosure report filed with the SEC on Apr 19, 2016.Eastman Chemical Company makes up approximately 2.24% of Profit Investment Management’s portfolio.

Eastman Chemical Company opened for trading at $76.58 and hit $77.14 on the upside on Friday, eventually ending the session at $76.54, with a gain of 0.62% or 0.47 points. The heightened volatility saw the trading volume jump to 6,51,680 shares. Company has a market cap of $11,314 M.

Other Hedge Funds, Including , Clean Yield Group added EMN to its portfolio by purchasing 990 company shares during the most recent quarter which is valued at $73,894. Eastman Chemical Company makes up approx 0.03% of Clean Yield Group’s portfolio.Banced Corp boosted its stake in EMN in the latest quarter, The investment management firm added 331 additional shares and now holds a total of 4,156 shares of Eastman Chemical Company which is valued at $310,204. Eastman Chemical Company makes up approx 0.54% of Banced Corp’s portfolio. Dnb Asset Management As added EMN to its portfolio by purchasing 11,936 company shares during the most recent quarter which is valued at $890,903. Eastman Chemical Company makes up approx 0.02% of Dnb Asset Management As’s portfolio.Fjarde Ap-fonden Fourth Swedish National Pension Fund boosted its stake in EMN in the latest quarter, The investment management firm added 3,206 additional shares and now holds a total of 33,542 shares of Eastman Chemical Company which is valued at $2,503,575. Eastman Chemical Company makes up approx 0.06% of Fjarde Ap-fonden Fourth Swedish National Pension Fund’s portfolio.

On the company’s financial health, Eastman Chemical Company reported $1.59 EPS for the quarter, beating the analyst consensus estimate by $ 0.04 according to the earnings call on Jan 28, 2016. Analyst had a consensus of $1.55. The company had revenue of $2225.00 million for the quarter, compared to analysts expectations of $2394.15 million. The company’s revenue was down -5.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.64 EPS.

Many Wall Street Analysts have commented on Eastman Chemical Company. Shares were Reiterated by Deutsche Bank on Feb 1, 2016 to “Buy” and Lowered the Price Target to $ 75 from a previous price target of $80 .Shares were Reiterated by RBC Capital Mkts on Feb 1, 2016 to “Outperform” and Lowered the Price Target to $ 72 from a previous price target of $86 .Eastman Chemical Company was Upgraded by Credit Agricole to ” Buy” on Feb 1, 2016.

Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP) Adhesives & Plasticizers (A&P) Advanced Materials (AM) Fibers and Specialty Fluids & Intermediates (SFI). The Company manufactures chemicals for products in the coatings and tires industries in transportation building and construction durable goods and consumables markets in the Additives & Functional Products segment. The Company’s A&P segment focuses on producing intermediate chemicals. The Company’s the AM segment produces and markets specialty copolyesters cellulose esters interlayers. In the Fibers segment Eastman manufactures and sells Estron acetate tow and Estrobond triacetin plasticizers. The Company’s SFI segment offers products such as acetyl chemical intermediates olefin derivatives specialty fluids and alkylamines.

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