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

Cibc World Markets Corp lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 294.8% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,841 shares of the basic materials company’s stock after purchasing an additional 46,923 shares during the quarter. Cibc World Markets Corp owned 0.05% of Eastman Chemical worth $5,739,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Crews Bank & Trust bought a new stake in shares of Eastman Chemical during the 4th quarter valued at approximately $27,000. Picton Mahoney Asset Management grew its holdings in shares of 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 during the last quarter. Assetmark Inc. grew its holdings in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Eastman Chemical during the 4th quarter valued at approximately $35,000. Finally, Dunhill Financial LLC grew its holdings in shares of Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Up 0.1 %

Shares of NYSE EMN opened at $91.39 on Thursday. The company has a market capitalization of $10.53 billion, a P/E ratio of 11.90, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. Eastman Chemical has a 52-week low of $86.70 and a 52-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 company’s 50 day moving average price is $95.86 and its 200-day moving average price is $99.86.

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

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.63%. Eastman Chemical’s payout ratio is presently 43.23%.

Analysts Set New Price Targets

Several equities research analysts recently commented on the stock. KeyCorp lifted their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $114.08.

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.