Cibc World Markets Corp Acquires 46,923 Shares of Eastman Chemical (NYSE:EMN)

Cibc World Markets Corp raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 294.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 62,841 shares of the basic materials company’s stock after buying an additional 46,923 shares during the period. Cibc World Markets Corp’s holdings in Eastman Chemical were worth $5,739,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. one8zero8 LLC bought a new stake in Eastman Chemical during the 4th quarter valued at $237,000. Frank Rimerman Advisors LLC increased its stake in Eastman Chemical by 24.8% during the 4th quarter. Frank Rimerman Advisors LLC now owns 2,457 shares of the basic materials company’s stock valued at $224,000 after purchasing an additional 488 shares in the last quarter. Picton Mahoney Asset Management increased its stake in Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 124 shares in the last quarter. Commonwealth Equity Services LLC increased its stake in Eastman Chemical by 0.3% during the 4th quarter. Commonwealth Equity Services LLC now owns 81,616 shares of the basic materials company’s stock valued at $7,453,000 after purchasing an additional 279 shares in the last quarter. Finally, Erste Asset Management GmbH grew its stake in shares of Eastman Chemical by 2.4% in the 4th quarter. Erste Asset Management GmbH now owns 58,800 shares of the basic materials company’s stock worth $5,394,000 after acquiring an additional 1,400 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

EMN has been the subject of several recent analyst reports. Royal Bank of Canada upped their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 4th. UBS Group reduced their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Mizuho upped their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Finally, Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $115.00 to $109.00 in a research note on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Price Performance

EMN opened at $91.39 on Thursday. The firm has a market cap of $10.53 billion, a P/E ratio of 11.90, a PEG ratio of 1.22 and a beta of 1.43. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week high of $114.50. 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 firm has a 50-day moving average of $95.86 and a 200 day moving average of $99.86.

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

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) 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.