ProVise Management Group LLC purchased a new position in shares of Eastman Chemical (NYSE:EMN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,372 shares of the basic materials company’s stock, valued at approximately $590,000.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Ameriprise Financial Inc. raised its stake in shares of Eastman Chemical by 8.3% during the third quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock worth $265,234,000 after buying an additional 223,382 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Eastman Chemical by 4.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock worth $202,526,000 after buying an additional 87,674 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Eastman Chemical by 6,003.3% during the fourth quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock worth $157,557,000 after buying an additional 1,672,883 shares during the last quarter. Allianz Asset Management GmbH raised its stake in shares of Eastman Chemical by 4.8% during the third quarter. Allianz Asset Management GmbH now owns 1,422,975 shares of the basic materials company’s stock worth $128,766,000 after buying an additional 64,652 shares during the last quarter. Finally, APG Asset Management N.V. grew its holdings in Eastman Chemical by 7.5% during the fourth quarter. APG Asset Management N.V. now owns 1,029,413 shares of the basic materials company’s stock valued at $79,418,000 after purchasing an additional 72,200 shares during the period. 84.13% of the stock is owned by institutional investors and hedge funds.
In other news, Director Stephen R. Demeritt sold 4,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 7th. The shares were sold at an average price of $99.84, for a total value of $399,360.00. Following the completion of the transaction, the director now owns 17,732 shares in the company, valued at $1,770,362.88. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lucian Boldea sold 3,325 shares of the company’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $95.00, for a total transaction of $315,875.00. The disclosure for this sale can be found here. Insiders sold 66,742 shares of company stock valued at $6,555,051 in the last quarter. Corporate insiders own 1.14% of the company’s stock.
Eastman Chemical (NYSE EMN) opened at $99.70 on Thursday. The firm has a market cap of $13,999.70, a P/E ratio of 9.85, a PEG ratio of 1.30 and a beta of 1.33. Eastman Chemical has a 1-year low of $76.02 and a 1-year high of $104.08. The company has a quick ratio of 0.94, a current ratio of 1.83 and a debt-to-equity ratio of 1.24.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.06 by $0.56. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The business’s quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.51 earnings per share. sell-side analysts expect that Eastman Chemical will post 8.47 EPS for the current fiscal year.
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About Eastman Chemical
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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