Nine Chapters Capital Management LLC increased its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 219.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 8,300 shares of the basic materials company’s stock after acquiring an additional 5,700 shares during the quarter. Eastman Chemical makes up about 1.7% of Nine Chapters Capital Management LLC’s holdings, making the stock its 7th largest position. Nine Chapters Capital Management LLC’s holdings in Eastman Chemical were worth $751,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Advisors Asset Management Inc. lifted its holdings in Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after acquiring an additional 826 shares during the period. Acrospire Investment Management LLC lifted its holdings in Eastman Chemical by 1,500.0% during the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after acquiring an additional 1,500 shares during the period. M&R Capital Management Inc. lifted its holdings in Eastman Chemical by 62.9% during the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after acquiring an additional 700 shares during the period. Fiduciary Trust Co. bought a new stake in Eastman Chemical during the second quarter worth $160,000. Finally, Advisory Services Network LLC lifted its holdings in Eastman Chemical by 105.3% during the second quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock worth $185,000 after acquiring an additional 1,130 shares during the period. Institutional investors and hedge funds own 82.76% of the company’s stock.
A number of analysts recently commented on the company. J P Morgan Chase & Co lifted their price target on Eastman Chemical from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday. Royal Bank Of Canada reiterated a “sector perform” rating and set a $93.00 price target (up from $91.00) on shares of Eastman Chemical in a report on Monday. Wells Fargo & Company reiterated an “outperform” rating and set a $102.00 price target (up from $94.00) on shares of Eastman Chemical in a report on Monday. They noted that the move was a valuation call. KeyCorp reiterated a “buy” rating and set a $108.00 price target (up from $100.00) on shares of Eastman Chemical in a report on Monday. Finally, UBS AG lifted their price target on Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $96.00.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.16. The firm had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 23.20% and a net margin of 10.89%. The company’s revenue was up 7.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.86 EPS.
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In related news, SVP Perry Stuckey sold 5,200 shares of the firm’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the transaction, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.
Eastman Chemical Company Profile
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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