Eastman Chemical (EMN) Shares Sold by Raymond James & Associates

Raymond James & Associates trimmed its position in shares of Eastman Chemical (NYSE:EMN) by 35.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 63,143 shares of the basic materials company’s stock after selling 34,119 shares during the quarter. Raymond James & Associates’ holdings in Eastman Chemical were worth $4,616,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EMN. LSV Asset Management raised its holdings in Eastman Chemical by 1.0% in the 4th quarter. LSV Asset Management now owns 5,559,003 shares of the basic materials company’s stock worth $406,418,000 after purchasing an additional 54,306 shares during the period. Oregon Public Employees Retirement Fund increased its stake in Eastman Chemical by 7,724.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,316,050 shares of the basic materials company’s stock worth $45,000 after buying an additional 3,273,667 shares in the last quarter. Victory Capital Management Inc. increased its stake in Eastman Chemical by 47.1% in the 4th quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock worth $238,397,000 after buying an additional 1,043,805 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in Eastman Chemical by 2.8% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,308,499 shares of the basic materials company’s stock worth $220,983,000 after buying an additional 63,010 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Eastman Chemical by 19.1% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,123,664 shares of the basic materials company’s stock worth $155,262,000 after buying an additional 340,146 shares in the last quarter. 85.03% of the stock is currently owned by hedge funds and other institutional investors.

NYSE EMN traded up $0.42 during trading on Wednesday, hitting $81.76. The stock had a trading volume of 132,974 shares, compared to its average volume of 1,318,621. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.94. The company has a market cap of $11.08 billion, a P/E ratio of 9.97, a PEG ratio of 1.04 and a beta of 1.20. Eastman Chemical has a one year low of $67.40 and a one year high of $112.45.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.60 by ($0.21). The firm had revenue of $2.38 billion during 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, equities research analysts expect that Eastman Chemical will post 8.76 EPS for the current year.

EMN has been the subject of a number of research analyst reports. SunTrust Banks cut their price objective on Eastman Chemical from $95.00 to $83.00 and set a “hold” rating for the company in a research report on Monday, October 29th. KeyCorp dropped their price target on Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating for the company in a research report on Monday, October 29th. Citigroup dropped their price target on Eastman Chemical from $94.00 to $86.00 and set a “neutral” rating for the company in a research report on Monday, October 29th. Nomura dropped their price target on Eastman Chemical from $99.00 to $93.00 and set a “neutral” rating for the company in a research report on Monday, October 29th. Finally, Royal Bank of Canada dropped their price target on Eastman Chemical to $79.00 and set a “sector perform” rating for the company in a research report on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. Eastman Chemical has a consensus rating of “Hold” and a consensus price target of $94.91.

In other news, Director David W. Raisbeck acquired 13,500 shares of the firm’s stock in a transaction on Friday, December 7th. The stock was acquired at an average price of $73.21 per share, with a total value of $988,335.00. Following the completion of the purchase, the director now directly owns 35,418 shares in the company, valued at $2,592,951.78. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.18% of the stock is owned by company insiders.

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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.

Read More: Insider Trading – What You Need to Know

Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical (NYSE:EMN).

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

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