Washington Trust Bank buys $1,225,804 stake in Eastman Chemical Company (EMN)

Eastman Chemical Company (EMN) : Washington Trust Bank scooped up 631 additional shares in Eastman Chemical Company during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Oct 4, 2016. The investment management firm now holds a total of 18,252 shares of Eastman Chemical Company which is valued at $1,225,804.Eastman Chemical Company makes up approximately 0.29% of Washington Trust Bank’s portfolio.

Other Hedge Funds, Including ,

Eastman Chemical Company closed down -0.71 points or -1.06% at $66.48 with 8,76,757 shares getting traded on Tuesday. Post opening the session at $66.72, the shares hit an intraday low of $66.34 and an intraday high of $67.88 and the price fluctuated in this range throughout the day.Shares ended Tuesday 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. Eastman Chemical Company was Downgraded by Citigroup to ” Neutral” on Sep 7, 2016. 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 .

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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