HBK Investments L P Has $4.94 Million Holdings in Eastman Chemical (NYSE:EMN)

HBK Investments L P lifted its position in Eastman Chemical (NYSE:EMN) by 777.5% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 53,300 shares of the basic materials company’s stock after buying an additional 47,226 shares during the period. HBK Investments L P’s holdings in Eastman Chemical were worth $4,938,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. lifted its position in Eastman Chemical by 2.7% during the fourth quarter. BlackRock Inc. now owns 12,147,844 shares of the basic materials company’s stock valued at $1,125,377,000 after purchasing an additional 320,786 shares in the last quarter. Ameriprise Financial Inc. lifted its position in Eastman Chemical by 8.3% during the third quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock valued at $265,234,000 after purchasing an additional 223,382 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in Eastman Chemical by 4.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock valued at $202,526,000 after purchasing an additional 87,674 shares in the last quarter. Geode Capital Management LLC lifted its position in Eastman Chemical by 1.9% during the fourth quarter. Geode Capital Management LLC now owns 1,799,218 shares of the basic materials company’s stock valued at $166,377,000 after purchasing an additional 34,079 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its position in Eastman Chemical by 6,003.3% during the fourth quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock valued at $157,557,000 after purchasing an additional 1,672,883 shares in the last quarter. Hedge funds and other institutional investors own 85.45% of the company’s stock.

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In other news, CFO Curtis E. Espeland sold 47,000 shares of Eastman Chemical stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $100.00, for a total value of $4,700,000.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Damon Cary Warmack sold 4,417 shares of Eastman Chemical stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $98.60, for a total value of $435,516.20. The disclosure for this sale can be found here. Insiders sold 142,935 shares of company stock worth $14,241,099 over the last ninety days. Insiders own 1.14% of the company’s stock.

NYSE:EMN traded down $2.47 on Friday, reaching $102.85. 959,505 shares of the company’s stock traded hands, compared to its average volume of 1,317,056. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 1.12. The stock has a market cap of $15,057.25, a PE ratio of 13.52, a P/E/G ratio of 1.39 and a beta of 1.21. Eastman Chemical has a 12 month low of $76.11 and a 12 month high of $112.45.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating the Zacks’ consensus estimate of $1.06 by $0.56. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Eastman Chemical had a return on equity of 22.02% and a net margin of 15.44%. The business’s quarterly revenue was up 8.0% on a year-over-year basis. During the same period last year, the firm earned $1.51 earnings per share. sell-side analysts anticipate that Eastman Chemical will post 8.54 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which was paid on Friday, April 6th. Stockholders of record on Thursday, March 15th were issued a $0.56 dividend. The ex-dividend date of this dividend was Wednesday, March 14th. This represents a $2.24 annualized dividend and a dividend yield of 2.18%. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.

EMN has been the topic of several analyst reports. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, January 12th. Cowen reiterated an “outperform” rating and set a $106.00 target price (up from $92.00) on shares of Eastman Chemical in a research report on Friday, December 8th. KeyCorp reiterated a “buy” rating and set a $118.00 target price (up from $108.00) on shares of Eastman Chemical in a research report on Monday, January 8th. Wells Fargo reiterated an “outperform” rating and set a $115.00 target price (up from $108.00) on shares of Eastman Chemical in a research report on Tuesday, February 20th. Finally, ValuEngine upgraded Eastman Chemical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 1st. Eight analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $103.27.

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About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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