Olstein Capital Management L.P. Has $6.44 Million Stake in Eastman Chemical (NYSE:EMN)

Olstein Capital Management L.P. raised its holdings in Eastman Chemical (NYSE:EMN) by 19.8% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 57,500 shares of the basic materials company’s stock after purchasing an additional 9,500 shares during the quarter. Olstein Capital Management L.P.’s holdings in Eastman Chemical were worth $6,437,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wolff Wiese Magana LLC raised its holdings in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in Eastman Chemical in the 2nd quarter valued at about $29,000. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical in the third quarter worth about $38,000. EntryPoint Capital LLC acquired a new position in shares of Eastman Chemical during the first quarter worth approximately $38,000. Finally, Rothschild Investment LLC bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on EMN shares. Barclays raised their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Mizuho upped their target price on shares of Eastman Chemical from $107.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, November 1st. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Wells Fargo & Company dropped their price objective on Eastman Chemical from $118.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Monday. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $111.50.

Eastman Chemical Stock Up 0.7 %

Shares of NYSE:EMN traded up $0.72 during trading on Thursday, hitting $104.40. 65,191 shares of the company were exchanged, compared to its average volume of 944,240. The stock has a market cap of $12.10 billion, a price-to-earnings ratio of 13.88, a P/E/G ratio of 0.77 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.71 and a debt-to-equity ratio of 0.80. Eastman Chemical has a fifty-two week low of $75.50 and a fifty-two week high of $114.50. The firm has a fifty day moving average price of $105.85 and a two-hundred day moving average price of $101.12.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.47 earnings per share. As a group, research analysts anticipate that Eastman Chemical will post 7.61 earnings per share for the current fiscal year.

Eastman Chemical Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.