Are Eastman Chemical’s Largest Institutional Investors Aiming for $50 Per Share?

So far in 2012, Eastman Chemical Co.’s (NYSE:EMN) shares are up 22.6 percent. On May 29, the company said in a regulatory filing that it sold $2.4 million in debt for the funding of its Solutia Inc. acquisition. The debt sale came in three parts including five-year notes, 10-year securities and 30-year debentures, according to Bloomberg.

Eastman Chemical agreed to purchase the company back in January for $4.7 billion, including its assumed debt.

With the selling of debt to fund the acquisition, will Eastman Chemical’s largest shareholders increase their holdings? 469 institutional firms indicated owning shares of Eastman Chemical Co. (NYSE:EMN) in Q1 2012. These firms reported owning a total of 118.732 million shares on 03/31/2012. The shares closed at $51.69 on 03/31/2012.

Here are the ten largest positions in Eastman Chemical Co. at the end of March 31st, 2012.

Vanguard Group Inc held 9,009,830 shares on 03/31/2012 worth $465,718,100. This brought the portfolio total to 0.06%.

State Street Corp held 5,453,648 shares on 03/31/2012 worth $281,899,058. This brought the portfolio total to 0.04%.

Lsv Asset Management held 5,208,286 shares on 03/31/2012 worth $269,216,296. This brought the portfolio total to 0.76%.

Iridian Asset Management LLC/CT held 4,586,130 shares on 03/31/2012 worth $237,057,053. This brought the portfolio total to 4.03%.

FMR LLC held 4,265,439 shares on 03/31/2012 worth $220,480,536. This brought the portfolio total to 0.04%.

Bank of New York Mellon Corp held 3,784,297 shares on 03/31/2012 worth $195,610,307. This brought the portfolio total to 0.07%.

Blackrock Institutional Trust Company N.A. held 3,456,634 shares on 03/31/2012 worth $178,673,407. This brought the portfolio total to 0.04%.

Ameriprise Financial Inc held 3,285,640 shares on 03/31/2012 worth $169,834,727. This brought the portfolio total to 0.12%.

Blackrock Fund Advisors held 3,283,733 shares on 03/31/2012 worth $169,736,154. This brought the portfolio total to 0.08%.

First Eagle Investment Management LLC held 3,271,283 shares on 03/31/2012 worth $169,092,614. This brought the portfolio total to 0.02%.

About the company: Eastman Chemical Company is an international chemical company which produces chemicals, fibers, and plastics. The Company’s operations include coatings, adhesives, specialty polymers, and Inks, fibers, performance chemicals and intermediates, performance polymers, and specialty plastics.

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