USA Financial Portformulas Corp Lowers Holdings in Eastman Chemical (EMN)

Share on StockTwits

USA Financial Portformulas Corp trimmed its stake in Eastman Chemical (NYSE:EMN) by 12.6% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 31,621 shares of the basic materials company’s stock after selling 4,560 shares during the period. USA Financial Portformulas Corp’s holdings in Eastman Chemical were worth $3,161,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. First Mercantile Trust Co. purchased a new stake in Eastman Chemical in the 2nd quarter valued at about $113,000. Fort L.P. purchased a new stake in Eastman Chemical in the 2nd quarter valued at about $116,000. Point72 Asset Management L.P. purchased a new stake in Eastman Chemical in the 2nd quarter valued at about $120,000. Cornerstone Wealth Management LLC purchased a new stake in Eastman Chemical in the 2nd quarter valued at about $177,000. Finally, Acadian Asset Management LLC purchased a new stake in Eastman Chemical in the 2nd quarter valued at about $218,000. 82.71% of the stock is owned by institutional investors.

NYSE:EMN opened at $78.35 on Thursday. Eastman Chemical has a one year low of $73.95 and a one year high of $112.45. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.69 and a quick ratio of 0.95. The stock has a market capitalization of $11.07 billion, a PE ratio of 10.30, a price-to-earnings-growth ratio of 1.08 and a beta of 1.07.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 EPS for the quarter, beating the consensus estimate of $2.29 by $0.05. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. The business had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.53 billion. Research analysts forecast that Eastman Chemical will post 8.41 earnings per share for the current year.

Several equities research analysts have issued reports on EMN shares. JPMorgan Chase & Co. cut shares of Eastman Chemical from an “overweight” rating to a “neutral” rating in a research report on Friday, October 5th. Citigroup lowered their price objective on shares of Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a research report on Thursday, October 11th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, October 8th. KeyCorp lowered their price objective on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating for the company in a research report on Monday. Finally, ValuEngine cut shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $99.00.

In related news, CEO Mark J. Costa sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief executive officer now owns 190,584 shares in the company, valued at approximately $19,058,400. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Scott V. King sold 16,192 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the transaction, the chief accounting officer now owns 5,898 shares of the company’s stock, valued at approximately $597,762.30. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.

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.

Featured Article: Price to Earnings Ratio (PE)

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.

Leave a Reply