Channing Capital Management Lowers stake in Eastman Chemical Company (EMN)

Eastman Chemical Company (EMN) : Channing Capital Management reduced its stake in Eastman Chemical Company by 3.6% during the most recent quarter end. The investment management company now holds a total of 200,363 shares of Eastman Chemical Company which is valued at $13,007,566 after selling 7,487 shares in Eastman Chemical Company , the firm said in a disclosure report filed with the SEC on Aug 1, 2016.Eastman Chemical Company makes up approximately 0.52% of Channing Capital Management’s portfolio.

Other Hedge Funds, Including , California State Teachers Retirement System reduced its stake in EMN by selling 932 shares or 0.29% in the most recent quarter. The Hedge Fund company now holds 321,676 shares of EMN which is valued at $20,883,206. Eastman Chemical Company makes up approx 0.04% of California State Teachers Retirement System’s portfolio.Wedge Capital Management L L Pnc reduced its stake in EMN by selling 29,061 shares or 2.34% in the most recent quarter. The Hedge Fund company now holds 1,210,799 shares of EMN which is valued at $78,980,419. Eastman Chemical Company makes up approx 0.87% of Wedge Capital Management L L Pnc’s portfolio.Concert Wealth Management boosted its stake in EMN in the latest quarter, The investment management firm added 243 additional shares and now holds a total of 5,415 shares of Eastman Chemical Company which is valued at $353,220. Eastman Chemical Company makes up approx 0.05% of Concert Wealth Management’s portfolio.James Investment Research Inc boosted its stake in EMN in the latest quarter, The investment management firm added 2,000 additional shares and now holds a total of 3,847 shares of Eastman Chemical Company which is valued at $276,984. Eastman Chemical Company makes up approx 0.01% of James Investment Research Inc’s portfolio.

Eastman Chemical Company closed down -0.14 points or -0.22% at $64.78 with 12,41,952 shares getting traded on Thursday. Post opening the session at $64.95, the shares hit an intraday low of $64.66 and an intraday high of $65.255 and the price fluctuated in this range throughout the day.Shares ended Thursday session in Red.

On the company’s financial health, Eastman Chemical Company reported $1.68 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $1.73. The company had revenue of $2297.00 million for the quarter, compared to analysts expectations of $2356.05 million. The company’s revenue was down -9.3 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $2.01 EPS.

Many Wall Street Analysts have commented on Eastman Chemical Company. Shares were Downgraded by RBC Capital Mkts on Aug 2, 2016 to ” Sector Perform” and Lowered the Price Target to $ 70 from a previous price target of $83 .Shares were Reiterated by Deutsche Bank on Aug 1, 2016 to “Buy” and Lowered the Price Target to $ 75 from a previous price target of $85 .Eastman Chemical Company was Initiated by Susquehanna to “Positive” on Jul 1, 2016.

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). The Company manufactures chemicals for products in the coatings and tires industries in transportation building and construction durable goods and consumables markets in the Additives & Functional Products segment. The Company’s A&P segment focuses on producing intermediate chemicals. The Company’s the AM segment produces and markets specialty copolyesters cellulose esters interlayers. In the Fibers segment Eastman manufactures and sells Estron acetate tow and Estrobond triacetin plasticizers. The Company’s SFI segment offers products such as acetyl chemical intermediates olefin derivatives specialty fluids and alkylamines.

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