Eastman Chemical Company (EMN) : Cornercap Investment Counsel Inc reduced its stake in Eastman Chemical Company by 1.36% during the most recent quarter end. The investment management company now holds a total of 115,903 shares of Eastman Chemical Company which is valued at $8.4 Million after selling 1,595 shares in Eastman Chemical Company , the firm said in a disclosure report filed with the SEC on May 12, 2016.Eastman Chemical Company makes up approximately 1.62% of Cornercap Investment Counsel Inc’s portfolio.
Other Hedge Funds, Including , Affinity Investment Advisors boosted its stake in EMN in the latest quarter, The investment management firm added 2,678 additional shares and now holds a total of 46,764 shares of Eastman Chemical Company which is valued at $3.4 Million. Eastman Chemical Company makes up approx 0.30% of Affinity Investment Advisors’s portfolio. Algert Global added EMN to its portfolio by purchasing 5,155 company shares during the most recent quarter which is valued at $375,026. Eastman Chemical Company makes up approx 0.15% of Algert Global’s portfolio.Stratos Wealth Partners Ltd. boosted its stake in EMN in the latest quarter, The investment management firm added 138 additional shares and now holds a total of 3,390 shares of Eastman Chemical Company which is valued at $246,623. Eastman Chemical Company makes up approx 0.02% of Stratos Wealth Partners Ltd.’s portfolio.Nisa Investment Advisors L.l.c. boosted its stake in EMN in the latest quarter, The investment management firm added 20,000 additional shares and now holds a total of 74,958 shares of Eastman Chemical Company which is valued at $5.7 Million. Eastman Chemical Company makes up approx 0.08% of Nisa Investment Advisors L.l.c.’s portfolio.
Eastman Chemical Company opened for trading at $73.62 and hit $74.24 on the upside on Friday, eventually ending the session at $73.28, with a gain of 0.36% or 0.26 points. The heightened volatility saw the trading volume jump to 7,25,101 shares. Company has a market cap of $10,833 M.
On the company’s financial health, Eastman Chemical Company reported $1.71 EPS for the quarter, beating the analyst consensus estimate by $ 0.18 according to the earnings call on Apr 28, 2016. Analyst had a consensus of $1.53. The company had revenue of $2236.00 million for the quarter, compared to analysts expectations of $2310.09 million. The company’s revenue was down -8.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.84 EPS.
Investors should note that on May 5, 2016, Eastman Chemical Company announced a cash dividend of $0.4600. The company’s management has announced Jun 13, 2016 as the ex-dividend date and fixed the record date on Jun 15, 2016. The payable date has been fixed on Jul 1, 2016.
Many Wall Street Analysts have commented on Eastman Chemical Company. Company shares were Reiterated by RBC Capital Mkts on May 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 85 from a previous price target of $83 .Eastman Chemical Company was Downgraded by Credit Agricole to ” Underperform” on May 2, 2016. Company shares were Reiterated by Jefferies on May 2, 2016 to “Buy”, Firm has raised the Price Target to $ 88 from a previous price target of $85 .
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.