Polar Asset Management Partners Inc. Grows Stake in Eastman Chemical (NYSE:EMN)

Polar Asset Management Partners Inc. boosted its position in shares of Eastman Chemical (NYSE:EMN) by 57.4% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,400 shares of the basic materials company’s stock after purchasing an additional 15,100 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Eastman Chemical were worth $4,635,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of EMN. Dakota Wealth Management increased its holdings in shares of Eastman Chemical by 13.5% in the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after acquiring an additional 2,655 shares during the period. KBC Group NV increased its holdings in shares of Eastman Chemical by 21.8% in the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock valued at $12,383,000 after acquiring an additional 19,809 shares during the period. Principal Financial Group Inc. increased its holdings in shares of Eastman Chemical by 6.8% in the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after acquiring an additional 9,447 shares during the period. Cetera Advisors LLC increased its holdings in shares of Eastman Chemical by 119.7% in the 1st quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock valued at $1,011,000 after acquiring an additional 5,496 shares during the period. Finally, Cetera Investment Advisers increased its holdings in shares of Eastman Chemical by 81.5% in the 1st quarter. Cetera Investment Advisers now owns 47,691 shares of the basic materials company’s stock valued at $4,780,000 after acquiring an additional 21,412 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on EMN shares. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Royal Bank of Canada restated a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Friday, November 22nd. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday. Deutsche Bank Aktiengesellschaft dropped their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Finally, Mizuho boosted their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $112.86.

Insider Activity

In related news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,021 shares of company stock valued at $1,895,948 in the last quarter. 2.27% of the stock is currently owned by company insiders.

Eastman Chemical Stock Performance

Shares of EMN opened at $101.94 on Thursday. The stock has a 50-day moving average of $105.86 and a two-hundred day moving average of $101.77. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The stock has a market cap of $11.82 billion, a P/E ratio of 13.65, a P/E/G ratio of 0.83 and a beta of 1.42.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.47 EPS. As a group, research analysts predict that Eastman Chemical will post 7.63 EPS for the current year.

Eastman Chemical Company 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.