Ontario Teachers Pension Plan Board Purchases 8,062 Shares of Eastman Chemical (NYSE:EMN)

Ontario Teachers Pension Plan Board lifted its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 31.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 34,051 shares of the basic materials company's stock after buying an additional 8,062 shares during the period. Ontario Teachers Pension Plan Board's holdings in Eastman Chemical were worth $3,110,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of EMN. Crews Bank & Trust bought a new stake in Eastman Chemical during the fourth quarter worth about $27,000. Picton Mahoney Asset Management increased its position 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 worth $29,000 after purchasing an additional 124 shares during the last quarter. Assetmark Inc. raised its stake 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 worth $34,000 after purchasing an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $35,000. Finally, Stonebridge Financial Group LLC bought a new position in shares of Eastman Chemical in the fourth quarter valued at $37,000. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Price Performance

NYSE EMN traded down $0.18 during midday trading 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 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 has a twelve month low of $70.90 and a twelve month high of $114.50. The company has a market capitalization 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 firm has a 50-day moving average price of $89.72 and a 200-day moving average price of $96.15.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results 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%. As a group, analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 4.33%. Eastman Chemical's dividend payout ratio is currently 43.23%.

Analyst Ratings Changes

Several analysts have issued reports on EMN shares. Barclays dropped their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their target price for the company from $105.00 to $101.00 in a research note on Friday, April 4th. KeyCorp cut their price objective on Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating for the company in a research report on Monday. Royal Bank of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a research note on Wednesday, April 9th. Finally, Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a research report on Thursday, April 3rd. Three equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, Eastman Chemical presently has an average rating of "Moderate Buy" and an average 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.