Eastman Chemical Company (EMN) Holdings Lifted by Ifrah Financial Services Inc.
Ifrah Financial Services Inc. grew its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 51.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,161 shares of the basic materials company’s stock after purchasing an additional 1,407 shares during the quarter. Ifrah Financial Services Inc.’s holdings in Eastman Chemical were worth $377,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the business. BlackRock Inc. increased its holdings in shares of Eastman Chemical by 6.3% during the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock worth $1,023,514,000 after buying an additional 717,506 shares during the last quarter. Parametric Portfolio Associates LLC increased its holdings in shares of Eastman Chemical by 249.2% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 759,967 shares of the basic materials company’s stock worth $63,830,000 after buying an additional 542,349 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Eastman Chemical during the 3rd quarter worth $42,235,000. PGGM Investments increased its holdings in shares of Eastman Chemical by 259.5% during the 3rd quarter. PGGM Investments now owns 333,625 shares of the basic materials company’s stock worth $30,190,000 after buying an additional 240,832 shares during the last quarter. Finally, APG Asset Management N.V. increased its holdings in shares of Eastman Chemical by 29.4% during the 3rd quarter. APG Asset Management N.V. now owns 957,213 shares of the basic materials company’s stock worth $86,618,000 after buying an additional 217,600 shares during the last quarter. 83.32% of the stock is currently owned by institutional investors.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total transaction of $337,720.00. Following the transaction, the director now owns 21,858 shares of the company’s stock, valued at $1,845,470.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.
EMN has been the subject of a number of research analyst reports. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. UBS AG upped their price objective on Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, October 27th. BidaskClub downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, July 28th. KeyCorp restated a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Eastman Chemical in a report on Monday, October 30th. Finally, Deutsche Bank AG upped their price objective on Eastman Chemical from $95.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, October 10th. Ten analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $96.00.
Eastman Chemical Company (NYSE:EMN) traded up $0.68 during trading hours on Tuesday, reaching $91.43. 870,800 shares of the company’s stock were exchanged, compared to its average volume of 1,157,998. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24. The stock has a market cap of $13,043.90, a PE ratio of 12.08, a P/E/G ratio of 1.55 and a beta of 1.31. Eastman Chemical Company has a one year low of $73.52 and a one year high of $94.96.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating analysts’ consensus estimates of $2.03 by $0.16. The company had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The firm’s revenue for the quarter was up 7.8% on a year-over-year basis. During the same period in the prior year, the company posted $1.86 EPS. analysts predict that Eastman Chemical Company will post 7.13 earnings per share for the current year.
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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