Cibc World Markets Corp Boosts Holdings in Eastman Chemical (NYSE:EMN)

Cibc World Markets Corp raised its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 294.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. 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 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in EMN. Victory Capital Management Inc. boosted its holdings in Eastman Chemical by 443.1% in the third quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company's stock valued at $17,716,000 after purchasing an additional 129,112 shares during the last quarter. CIBC Asset Management Inc boosted its holdings in Eastman Chemical by 6.8% in the third quarter. CIBC Asset Management Inc now owns 19,998 shares of the basic materials company's stock valued at $2,239,000 after purchasing an additional 1,270 shares during the last quarter. Empowered Funds LLC boosted its holdings in Eastman Chemical by 41.4% in the third quarter. Empowered Funds LLC now owns 13,967 shares of the basic materials company's stock valued at $1,564,000 after purchasing an additional 4,092 shares during the last quarter. Swiss National Bank boosted its holdings in Eastman Chemical by 0.4% in the third quarter. Swiss National Bank now owns 349,100 shares of the basic materials company's stock valued at $39,082,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Quest Partners LLC purchased a new stake in Eastman Chemical in the third quarter valued at $154,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

Several equities research analysts have commented on the stock. Mizuho upped their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Royal Bank of Canada increased 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. JPMorgan Chase & Co. increased their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. KeyCorp increased their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Finally, StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $114.08.

Eastman Chemical Price Performance

Shares of EMN traded down $1.34 during mid-day trading on Friday, hitting $88.55. 2,389,922 shares of the company were exchanged, compared to its average volume of 912,300. Eastman Chemical has a 1-year low of $86.70 and a 1-year 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 has a 50 day moving average of $95.92 and a 200-day moving average of $99.69. The stock has a market cap of $10.20 billion, a price-to-earnings ratio of 11.53, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping 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%. Analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

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 $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.75%. Eastman Chemical's payout ratio is 43.23%.

Eastman Chemical 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.