Trade Report: Today, Forward Management LLC Reached $620,000 position of Eastman Chemical Co. (EMN)

Today, Forward Management LLC Reached $620,000 position  of Eastman Chemical Co. (EMN)

Forward Management LLC reduced its position in shares of Eastman Chemical Co. (NYSE:EMN) by 15.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,148 shares of the company’s stock after selling 1,639 shares during the period. Forward Management LLC’s holdings in Eastman Chemical were worth $620,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. NEXT Financial Group Inc increased its stake in Eastman Chemical by 3.0% in the third quarter. NEXT Financial Group Inc now owns 1,713 shares of the company’s stock worth $116,000 after buying an additional 50 shares during the last quarter. Investment Counselors of Maryland LLC acquired a new stake in Eastman Chemical during the third quarter worth $120,000. Financial Architects Inc increased its stake in Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock worth $123,000 after buying an additional 1,800 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Eastman Chemical by 22.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,965 shares of the company’s stock worth $133,000 after buying an additional 361 shares during the last quarter. Finally, Mizuho Asset Management Co. Ltd. increased its stake in Eastman Chemical by 127.4% in the second quarter. Mizuho Asset Management Co. Ltd. now owns 2,022 shares of the company’s stock worth $137,000 after buying an additional 1,133 shares during the last quarter. Institutional investors own 81.46% of the company’s stock.

Shares of Eastman Chemical Co. (NYSE:EMN) traded down 1.87% during mid-day trading on Friday, hitting $75.14. 959,004 shares of the company traded hands. Eastman Chemical Co. has a 1-year low of $56.03 and a 1-year high of $78.79. The stock has a market capitalization of $11.03 billion, a PE ratio of 12.99 and a beta of 1.51. The firm’s 50 day moving average price is $69.99 and its 200-day moving average price is $69.31.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 27th. The company reported $1.86 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.67 by $0.19. Eastman Chemical had a net margin of 9.53% and a return on equity of 23.59%. The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.30 billion. During the same period in the prior year, the company posted $1.84 EPS. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. On average, equities research analysts forecast that Eastman Chemical Co. will post $6.75 EPS for the current year.

A number of research firms have recently weighed in on EMN. Deutsche Bank AG reiterated a “buy” rating and issued a $80.00 price target on shares of Eastman Chemical in a research report on Monday, October 31st. Nomura set a $75.00 price objective on shares of Eastman Chemical and gave the company a “buy” rating in a research report on Monday, August 1st. RBC Capital Markets restated a “sector perform” rating and set a $75.00 price objective (up from $70.00) on shares of Eastman Chemical in a research report on Monday, October 31st. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $81.00 price objective for the company in a research report on Wednesday, November 2nd. Finally, Royal Bank Of Canada boosted their price objective on shares of Eastman Chemical from $70.00 to $75.00 and gave the company a “sector perform” rating in a research report on Monday, October 31st. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. Eastman Chemical currently has a consensus rating of “Hold” and a consensus price target of $77.87.

About Eastman Chemical

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).

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