Bank of Nova Scotia Sells 101,493 Shares of Eastman Chemical (NYSE:EMN)

Bank of Nova Scotia lowered its position in Eastman Chemical (NYSE:EMN - Free Report) by 86.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 15,504 shares of the basic materials company's stock after selling 101,493 shares during the period. Bank of Nova Scotia's holdings in Eastman Chemical were worth $1,416,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Private Trust Co. NA grew its holdings in shares of Eastman Chemical by 14.0% during the fourth quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock valued at $76,000 after buying an additional 103 shares during the last quarter. Blue Trust Inc. raised its stake in Eastman Chemical by 2.2% in the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company's stock valued at $503,000 after acquiring an additional 116 shares during the period. Picton Mahoney Asset Management boosted its position in Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after purchasing an additional 124 shares during the period. Caprock Group LLC increased its stake in shares of Eastman Chemical by 4.2% in the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company's stock worth $295,000 after purchasing an additional 128 shares in the last quarter. Finally, Global Retirement Partners LLC raised its position in shares of Eastman Chemical by 1.4% in the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock valued at $846,000 after purchasing an additional 132 shares during the period. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

EMN stock traded down $0.18 on Friday, hitting $76.61. The company had a trading volume of 1,628,810 shares, compared to its average volume of 1,019,300. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of 9.98, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock's 50-day simple moving average is $90.20 and its 200 day simple moving average is $96.38. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. As a group, equities research analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were issued a $0.83 dividend. The ex-dividend date was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 4.33%. Eastman Chemical's dividend payout ratio is currently 43.23%.

Wall Street Analyst Weigh In

EMN has been the topic of a number of analyst reports. Piper Sandler lowered their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Barclays cut their target price on Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. UBS Group dropped their target price on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, KeyCorp cut their price objective on shares of Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating for the company in a research note on Monday. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical presently has an average rating of "Moderate Buy" and an average target price of $107.08.

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.