Eastman Chemical (NYSE:EMN) Shares Bought by Ontario Teachers Pension Plan Board

Ontario Teachers Pension Plan Board grew its position in Eastman Chemical (NYSE:EMN) by 31.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,051 shares of the basic materials company’s stock after buying an additional 8,062 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Eastman Chemical were worth $3,110,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Barclays PLC grew its stake in Eastman Chemical by 3.5% during the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company’s stock worth $35,268,000 after purchasing an additional 10,695 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in Eastman Chemical by 21.5% in the third quarter. Sanctuary Advisors LLC now owns 26,008 shares of the basic materials company’s stock valued at $2,746,000 after acquiring an additional 4,606 shares in the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Eastman Chemical during the 3rd quarter worth approximately $656,000. Franklin Resources Inc. increased its position in shares of Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after purchasing an additional 282,458 shares during the last quarter. Finally, IMS Capital Management acquired a new stake in shares of Eastman Chemical in the 3rd quarter valued at $280,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

EMN has been the topic of a number of recent analyst reports. Citigroup upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $105.00 to $101.00 in a report on Friday, April 4th. UBS Group cut their price objective on shares of Eastman Chemical from $123.00 to $115.00 and set a “buy” rating on the stock in a report on Monday, April 7th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their target price for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Mizuho raised shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 target price on the stock in a research report on Thursday, April 3rd. Finally, Wells Fargo & Company reduced their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $107.08.

Eastman Chemical Stock Up 1.3 %

Shares of Eastman Chemical stock opened at $79.40 on Tuesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The company has a market cap of $9.14 billion, a P/E ratio of 10.34, a PEG ratio of 1.22 and a beta of 1.38. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50. The firm has a fifty day moving average of $91.56 and a two-hundred day moving average of $96.90.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.18%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.23%.

About Eastman Chemical

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.