Alethea Capital Management adds Eastman Chemical Company (EMN) to its portfolio

Eastman Chemical Company (EMN) : Alethea Capital Management added new position in Eastman Chemical Company during the most recent quarter end. The investment management firm now holds 30,158 shares of Eastman Chemical Company which is valued at $2,239,232 , the company said in a statement filed on Nov 14, 2016 with the SEC.Eastman Chemical Company makes up approximately 3.05% of Alethea Capital Management’s portfolio.

Other Hedge Funds, Including , Panagora Asset Management Inc boosted its stake in EMN in the latest quarter, The investment management firm added 22,864 additional shares and now holds a total of 219,785 shares of Eastman Chemical Company which is valued at $16,530,030. Eastman Chemical Company makes up approx 0.08% of Panagora Asset Management Inc’s portfolio. Catalyst Capital Advisors sold out all of its stake in EMN during the most recent quarter. The investment firm sold 8,500 shares of EMN which is valued $643,790.State Treasurer State Of Michigan reduced its stake in EMN by selling 100 shares or 0.19% in the most recent quarter. The Hedge Fund company now holds 51,510 shares of EMN which is valued at $3,640,212. Eastman Chemical Company makes up approx 0.03% of State Treasurer State Of Michigan’s portfolio.Apg Asset Management N.v. boosted its stake in EMN in the latest quarter, The investment management firm added 49,300 additional shares and now holds a total of 341,848 shares of Eastman Chemical Company which is valued at $24,636,985. Eastman Chemical Company makes up approx 0.05% of Apg Asset Management N.v.’s portfolio.Jensen Investment Management Inc boosted its stake in EMN in the latest quarter, The investment management firm added 1,660 additional shares and now holds a total of 7,090 shares of Eastman Chemical Company which is valued at $510,976. Eastman Chemical Company makes up approx 0.01% of Jensen Investment Management Inc’s portfolio.

Eastman Chemical Company closed down -0.29 points or -0.39% at $74.18 with 6,29,888 shares getting traded on Monday. Post opening the session at $74.28, the shares hit an intraday low of $73.98 and an intraday high of $74.53 and the price fluctuated in this range throughout the day.Shares ended Monday session in Red.

On the company’s financial health, Eastman Chemical Company reported $1.86 EPS for the quarter, beating the analyst consensus estimate by $ 0.19 according to the earnings call on Oct 27, 2016. Analyst had a consensus of $1.67. The company had revenue of $2287.00 million for the quarter, compared to analysts expectations of $2300.81 million. The company’s revenue was down -6.5 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $1.84 EPS.

Many Wall Street Analysts have commented on Eastman Chemical Company. Company shares were Reiterated by RBC Capital Mkts on Oct 31, 2016 to “Sector Perform”, Firm has raised the Price Target to $ 75 from a previous price target of $70 .Eastman Chemical Company was Downgraded by Citigroup to ” Neutral” on Sep 7, 2016. Shares were Reiterated by Cowen on Aug 23, 2016 to “Outperform” and Lowered the Price Target to $ 80 from a previous price target of $96 .

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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