Edgepoint Investment Group Lowers stake in Eastman Chemical Company (EMN)

Eastman Chemical Company (EMN) : Edgepoint Investment Group reduced its stake in Eastman Chemical Company by 1.48% during the most recent quarter end. The investment management company now holds a total of 2,999,584 shares of Eastman Chemical Company which is valued at $194,343,047 after selling 45,063 shares in Eastman Chemical Company , the firm said in a disclosure report filed with the SEC on Aug 10, 2016.Eastman Chemical Company makes up approximately 3.20% of Edgepoint Investment Group’s portfolio.

Other Hedge Funds, Including , Texas Permanent School Fund reduced its stake in EMN by selling 2,791 shares or 5.47% in the most recent quarter. The Hedge Fund company now holds 48,231 shares of EMN which is valued at $3,124,886. Eastman Chemical Company makes up approx 0.04% of Texas Permanent School Fund’s portfolio. Lmr Partners Llp added EMN to its portfolio by purchasing 5,184 company shares during the most recent quarter which is valued at $338,152. Eastman Chemical Company makes up approx 0.05% of Lmr Partners Llp’s portfolio.

Eastman Chemical Company opened for trading at $64.75 and hit $66.42 on the upside on Friday, eventually ending the session at $66.35, with a gain of 2.27% or 1.47 points. The heightened volatility saw the trading volume jump to 11,32,387 shares. Company has a market cap of $9,801 M.

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.

Investors should note that on Aug 4, 2016, Eastman Chemical Company announced a cash dividend of $0.4600. The company’s management has announced Sep 13, 2016 as the ex-dividend date and fixed the record date on Sep 15, 2016. The payable date has been fixed on Oct 3, 2016.

Many Wall Street Analysts have commented on Eastman Chemical Company. Shares were Reiterated by Cowen on Aug 23, 2016 to “Outperform” and Lowered the Price Target to $ 80 from a previous price target of $96 .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 (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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