Canada Post Corp Registered Pension Plan Makes New $2.31 Million Investment in Eastman Chemical (NYSE:EMN)

Canada Post Corp Registered Pension Plan bought a new position in shares of Eastman Chemical (NYSE:EMN - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 25,314 shares of the basic materials company's stock, valued at approximately $2,312,000.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Barclays PLC increased its stake in Eastman Chemical by 3.5% in the third quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock valued at $35,268,000 after purchasing an additional 10,695 shares during the last quarter. Sanctuary Advisors LLC grew its position in shares of Eastman Chemical by 21.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 26,008 shares of the basic materials company's stock valued at $2,746,000 after buying an additional 4,606 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Eastman Chemical during the 3rd quarter worth $656,000. Franklin Resources Inc. boosted its stake in Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock valued at $593,233,000 after acquiring an additional 282,458 shares in the last quarter. Finally, IMS Capital Management purchased a new position in shares of Eastman Chemical during the third quarter worth about $280,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded down $0.18 during trading on Friday, hitting $76.61. 1,628,810 shares of the stock were exchanged, compared to its average volume of 1,021,936. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a market cap of $8.82 billion, a PE ratio of 9.98, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a fifty day moving average price of $89.72 and a two-hundred day moving average price of $95.97. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating 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 EPS 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 issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.33%. The ex-dividend date was Friday, March 14th. Eastman Chemical's dividend payout ratio (DPR) is presently 43.23%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EMN. UBS Group decreased their price objective on Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 7th. Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective for the company in a research report on Thursday, April 3rd. KeyCorp dropped their target price on Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday, April 14th. Barclays decreased their price target on Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $107.08.

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.