ProVise Management Group LLC Purchases Shares of 6,372 Eastman Chemical (EMN)

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.

A number of brokerages recently issued reports on EMN. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, February 6th. Cowen restated an “outperform” rating and set a $115.00 price objective (up previously from $106.00) on shares of Eastman Chemical in a report on Wednesday, February 7th. Barclays boosted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Royal Bank of Canada restated a “sector perform” rating and set a $93.00 price objective (up previously from $91.00) on shares of Eastman Chemical in a report on Monday, October 30th. Finally, UBS Group boosted their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, October 27th. Nine equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Eastman Chemical has a consensus rating of “Hold” and a consensus target price of $101.73.

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.

COPYRIGHT VIOLATION NOTICE: “ProVise Management Group LLC Purchases Shares of 6,372 Eastman Chemical (EMN)” was first reported by Chaffey Breeze and is owned by of Chaffey Breeze. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of US and international trademark and copyright laws. The legal version of this story can be read at https://www.chaffeybreeze.com/2018/02/15/provise-management-group-llc-purchases-shares-of-6372-eastman-chemical-emn.html.

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.

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)

Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.

Latest News

Leave a Reply