Quantitative Systematic Strategies LLC Buys Shares of 9,194 Eastman Chemical Company (EMN)

Quantitative Systematic Strategies LLC bought a new stake in shares of Eastman Chemical Company (NYSE:EMN) during the third quarter, Holdings Channel reports. The firm bought 9,194 shares of the company’s stock, valued at approximately $610,000.

A number of other institutional investors also recently bought and sold shares of EMN. Credit Suisse AG increased its stake in shares of Eastman Chemical Company by 195.4% in the third quarter. Credit Suisse AG now owns 1,432,761 shares of the company’s stock valued at $96,968,000 after buying an additional 947,720 shares in the last quarter. EdgePoint Investment Group Inc. increased its stake in shares of Eastman Chemical Company by 22.2% in the third quarter. EdgePoint Investment Group Inc. now owns 3,665,685 shares of the company’s stock valued at $248,094,000 after buying an additional 666,101 shares in the last quarter. Adage Capital Partners GP L.L.C. acquired a new stake in shares of Eastman Chemical Company during the third quarter valued at about $41,501,000. Toronto Dominion Bank increased its stake in shares of Eastman Chemical Company by 74,232.3% in the third quarter. Toronto Dominion Bank now owns 604,322 shares of the company’s stock valued at $40,901,000 after buying an additional 603,509 shares in the last quarter. Finally, The Manufacturers Life Insurance Company acquired a new stake in shares of Eastman Chemical Company during the third quarter valued at about $36,713,000. Institutional investors own 82.54% of the company’s stock.

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

Eastman Chemical Company (NYSE:EMN) traded up 1.12% on Friday, hitting $79.36. 790,199 shares of the stock were exchanged. The company has a market capitalization of $11.63 billion, a PE ratio of 13.59 and a beta of 1.36. Eastman Chemical Company has a 1-year low of $60.60 and a 1-year high of $80.48. The company has a 50-day moving average price of $77.48 and a 200 day moving average price of $71.24.

Eastman Chemical Company (NYSE:EMN) last released its quarterly earnings results on Thursday, January 26th. The company reported $1.51 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.02. The firm had revenue of $2.19 billion for the quarter, compared to analysts’ expectations of $2.14 billion. Eastman Chemical Company had a net margin of 9.61% and a return on equity of 22.70%. The business’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.59 EPS. Analysts anticipate that Eastman Chemical Company will post $7.28 EPS for the current fiscal year.

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Several equities research analysts have recently issued reports on EMN shares. Royal Bank Of Canada raised their price target on Eastman Chemical Company from $70.00 to $75.00 and gave the company a “sector perform” rating in a research report on Monday, October 31st. RBC Capital Markets reissued a “sector perform” rating and set a $75.00 target price (up from $70.00) on shares of Eastman Chemical Company in a research report on Monday, October 31st. Deutsche Bank AG reissued a “buy” rating and set a $80.00 target price on shares of Eastman Chemical Company in a research report on Monday, October 31st. Zacks Investment Research raised Eastman Chemical Company from a “hold” rating to a “buy” rating and set a $81.00 target price on the stock in a research report on Wednesday, November 2nd. Finally, Jefferies Group LLC reissued a “buy” rating and set a $88.00 target price on shares of Eastman Chemical Company in a research report on Monday, November 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Eastman Chemical Company currently has a consensus rating of “Buy” and a consensus target price of $79.79.

In other Eastman Chemical Company news, Director Robert M. Hernandez sold 8,000 shares of the stock in a transaction that occurred on Wednesday, February 1st. The shares were sold at an average price of $77.75, for a total transaction of $622,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Curtis E. Espeland sold 17,100 shares of the stock in a transaction that occurred on Friday, February 3rd. The stock was sold at an average price of $78.00, for a total transaction of $1,333,800.00. Following the transaction, the chief financial officer now owns 93,771 shares in the company, valued at approximately $7,314,138. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,100 shares of company stock worth $2,259,040. Insiders own 1.10% of the company’s stock.

Eastman Chemical Company Company Profile

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).

5 Day Chart for NYSE:EMN

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 Company (NYSE:EMN).

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