Bronson Point Management LLC Increases Stake in Eastman Chemical (EMN)

Bronson Point Management LLC grew its stake in shares of Eastman Chemical (NYSE:EMN) by 1,150.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 125,000 shares of the basic materials company’s stock after buying an additional 115,000 shares during the quarter. Eastman Chemical accounts for approximately 3.0% of Bronson Point Management LLC’s portfolio, making the stock its 11th biggest position. Bronson Point Management LLC’s holdings in Eastman Chemical were worth $11,580,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of 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 during the period. Ameriprise Financial Inc. raised its holdings in shares of 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 during the period. Dimensional Fund Advisors LP raised its holdings in shares of 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 during the period. Geode Capital Management LLC raised its holdings in shares of 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 during the period. Finally, Victory Capital Management Inc. raised its holdings in shares of 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 during the period. Hedge funds and other institutional investors own 83.68% of the company’s stock.

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Shares of Eastman Chemical (NYSE EMN) opened at $109.29 on Friday. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.59 and a quick ratio of 0.82. Eastman Chemical has a fifty-two week low of $76.02 and a fifty-two week high of $109.47. The firm has a market cap of $15,620.00, a PE ratio of 15.29, a P/E/G ratio of 1.41 and a beta of 1.25.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.06 by $0.56. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.02%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same quarter in the prior year, the business posted $1.51 EPS. The firm’s revenue was up 8.0% compared to the same quarter last year. analysts expect that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be issued a $0.56 dividend. The ex-dividend date is Wednesday, March 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.05%. Eastman Chemical’s dividend payout ratio is presently 31.33%.

Several equities analysts have recently weighed in on EMN shares. Tudor Pickering started coverage on shares of Eastman Chemical in a report on Tuesday, November 14th. They set a “hold” rating on the stock. SunTrust Banks upped their price objective on shares of Eastman Chemical to $105.00 and gave the company a “hold” rating in a report on Monday, February 5th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, January 12th. KeyCorp reiterated a “buy” rating and set a $118.00 price objective (up previously from $108.00) on shares of Eastman Chemical in a report on Monday, January 8th. Finally, Barclays upped their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company. Eastman Chemical has an average rating of “Buy” and a consensus target price of $103.27.

In other Eastman Chemical news, CFO Curtis E. Espeland sold 47,000 shares of the stock in a transaction dated Friday, March 2nd. The shares were sold at an average price of $100.00, for a total value of $4,700,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Mark J. Costa sold 55,000 shares of the stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $98.26, for a total transaction of $5,404,300.00. Following the completion of the sale, the chief executive officer now owns 212,991 shares of the company’s stock, valued at approximately $20,928,495.66. The disclosure for this sale can be found here. Insiders sold a total of 134,335 shares of company stock worth $13,334,831 in the last 90 days. 1.14% of the stock is currently owned by company insiders.

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Eastman Chemical Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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

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