What Do Hedge Funds Think of Eastman Chemical Company (EMN)?

Judging by the fact that Eastman Chemical Company (NYSE:EMN) has faced declining sentiment from the entirety of the hedge funds we track, logic holds that there was a specific group of hedgies that decided to sell off their entire stakes by the end of the third quarter. At the top of the heap, Louis Bacon’s Moore Global Investments cut the largest position of the 700 funds monitored by Insider Monkey, valued at an estimated $20.5 million in call options. Michael Hintze’s fund, CQS Cayman LP, also sold off its call options, about $16.4 million worth. These moves are important to note, as total hedge fund interest was cut by 2 funds by the end of the third quarter.

Let’s also examine hedge fund activity in other stocks similar to Eastman Chemical Company (NYSE:EMN). We will take a look at C.H. Robinson Worldwide, Inc. (NASDAQ:CHRW), Autoliv Inc. (NYSE:ALV), IMS Health Holdings Inc (NYSE:IMS), and Maxim Integrated Products Inc. (NASDAQ:MXIM). This group of stocks’ market valuations resemble EMN’s market valuation.

Ticker No of HFs with positions Total Value of HF Positions (x1000) Change in HF Position
CHRW 24 785286 3
ALV 12 60995 -2
IMS 32 831402 13
MXIM 20 456056 -3

As you can see these stocks had an average of 22 hedge funds with bullish positions and the average amount invested in these stocks was $533 million. That figure was $1081 million in EMN’s case. IMS Health Holdings Inc (NYSE:IMS) is the most popular stock in this table. On the other hand Autoliv Inc. (NYSE:ALV) is the least popular one with only 12 bullish hedge fund positions. Compared to these stocks Eastman Chemical Company (NYSE:EMN) is more popular among hedge funds. Considering that hedge funds are fond of this stock in relation to its market cap peers, it may be a good idea to analyze it in detail and potentially include it in your portfolio.