Procurement News Notice |
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| PNN | 10675 |
| Work Detail | Eastman Chemical Company (EMN) : Atlantic Investment Management reduced its stake in Eastman Chemical Company by 11.79% during the most recent quarter end. The investment management company now holds a total of 1,508,988 shares of Eastman Chemical Company which is valued at $97,767,333 after selling 201,725 shares in Eastman Chemical Company , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Eastman Chemical Company makes up approximately 10.44% of Atlantic Investment Management’s portfolio. Other Hedge Funds, Including , Delphi Management Inc sold out all of its stake in EMN during the most recent quarter. The investment firm sold 12,699 shares of EMN which is valued $822,768.Hightower Advisors boosted its stake in EMN in the latest quarter, The investment management firm added 2,178 additional shares and now holds a total of 7,621 shares of Eastman Chemical Company which is valued at $493,765. Eastman Chemical Company makes up approx 0.01% of Hightower Advisors’s portfolio. Ameritas Investment Partners sold out all of its stake in EMN during the most recent quarter. The investment firm sold 2,772 shares of EMN which is valued $179,598. Oakbrook Investments sold out all of its stake in EMN during the most recent quarter. The investment firm sold 15,483 shares of EMN which is valued $1,113,692. Eastman Chemical Company closed down -0.12 points or -0.18% at $67.77 with 11,07,883 shares getting traded on Thursday. Post opening the session at $67.88, the shares hit an intraday low of $67.08 and an intraday high of $68.35 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. 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. 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. |
| Country | United States , Northern America |
| Industry | Financial Services |
| Entry Date | 15 Oct 2016 |
| Source | http://www.tradecalls.org/2016/09/atlantic-investment-management-lowers-stake-in-eastman-chemical-company-emn-385207/ |
