Eastman Chemical (EMN) Shares Sold by Highbridge Capital Management LLC

Highbridge Capital Management LLC trimmed its position in shares of Eastman Chemical (NYSE:EMN) by 93.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 24,352 shares of the basic materials company’s stock after selling 326,214 shares during the quarter. Highbridge Capital Management LLC’s holdings in Eastman Chemical were worth $2,331,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently modified their holdings of EMN. Cornerstone Wealth Management LLC purchased a new stake in Eastman Chemical in the second quarter worth $177,000. Acadian Asset Management LLC purchased a new stake in Eastman Chemical in the second quarter worth $218,000. Raymond James Financial Services Advisors Inc. increased its stake in Eastman Chemical by 35.3% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 25,394 shares of the basic materials company’s stock worth $2,538,000 after purchasing an additional 6,631 shares during the period. Commonwealth Equity Services LLC increased its stake in Eastman Chemical by 14.2% in the second quarter. Commonwealth Equity Services LLC now owns 26,306 shares of the basic materials company’s stock worth $2,630,000 after purchasing an additional 3,270 shares during the period. Finally, Wells Fargo & Company MN increased its stake in Eastman Chemical by 2.4% in the second quarter. Wells Fargo & Company MN now owns 650,709 shares of the basic materials company’s stock worth $65,044,000 after purchasing an additional 15,363 shares during the period. 82.53% of the stock is currently owned by hedge funds and other institutional investors.

EMN opened at $73.20 on Friday. Eastman Chemical has a 12-month low of $73.08 and a 12-month high of $112.45. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.94 and a current ratio of 1.69. The firm has a market cap of $10.61 billion, a PE ratio of 9.62, a PEG ratio of 1.03 and a beta of 1.28.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.29 by $0.05. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. The business had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.53 billion. On average, equities analysts expect that Eastman Chemical will post 8.43 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Stockholders of record on Monday, December 17th will be given a dividend of $0.62 per share. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.39%. Eastman Chemical’s dividend payout ratio is presently 29.43%.

A number of research firms have weighed in on EMN. SunTrust Banks reduced their target price on Eastman Chemical from $95.00 to $83.00 and set a “hold” rating on the stock in a research note on Monday, October 29th. Nomura reduced their target price on Eastman Chemical from $99.00 to $93.00 and set a “neutral” rating on the stock in a research note on Monday, October 29th. Royal Bank of Canada reduced their target price on Eastman Chemical to $79.00 and set a “sector perform” rating on the stock in a research note on Monday, October 29th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 target price on the stock in a research note on Wednesday, October 3rd. Finally, JPMorgan Chase & Co. upgraded Eastman Chemical from a “neutral” rating to an “overweight” rating in a research note on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $99.50.

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Eastman Chemical Company Profile

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.

Further Reading: Risk Tolerance

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

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