Healthcare of Ontario Pension Plan Trust Fund Takes $2.80 Million Position in Eastman Chemical (NYSE:EMN)

Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Eastman Chemical (NYSE:EMN - Free Report) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 31,217 shares of the basic materials company's stock, valued at approximately $2,804,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company's stock valued at $1,332,904,000 after acquiring an additional 61,580 shares during the last quarter. Putnam Investments LLC increased its stake in Eastman Chemical by 4.0% in the fourth quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company's stock valued at $391,203,000 after acquiring an additional 168,038 shares during the last quarter. Morgan Stanley grew its stake in shares of Eastman Chemical by 1.0% during the third quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company's stock valued at $305,258,000 after buying an additional 39,860 shares during the last quarter. Invesco Ltd. grew its stake in shares of Eastman Chemical by 37.4% during the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company's stock valued at $214,496,000 after buying an additional 760,974 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of Eastman Chemical by 7.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company's stock valued at $231,357,000 after buying an additional 168,009 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Down 0.3 %

Shares of EMN traded down $0.29 during mid-day trading on Tuesday, reaching $98.97. The company had a trading volume of 580,497 shares, compared to its average volume of 1,012,254. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The firm has a 50-day moving average price of $99.23 and a 200 day moving average price of $92.45. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $105.98. The company has a market capitalization of $11.64 billion, a price-to-earnings ratio of 12.79, a price-to-earnings-growth ratio of 1.08 and a beta of 1.51.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping analysts' consensus estimates of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The firm had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.29 billion. During the same period in the previous year, the firm posted $1.63 EPS. The business's revenue for the quarter was down 4.2% compared to the same quarter last year. On average, sell-side analysts forecast that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.27%. Eastman Chemical's payout ratio is currently 41.75%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Monday, May 13th. Mizuho raised their price objective on Eastman Chemical from $91.00 to $102.00 and gave the company a "neutral" rating in a research note on Friday, April 26th. Jefferies Financial Group raised Eastman Chemical from a "hold" rating to a "buy" rating and raised their price objective for the company from $102.00 to $125.00 in a research note on Monday, April 29th. Bank of America cut their target price on Eastman Chemical from $113.00 to $112.00 and set a "buy" rating on the stock in a research note on Monday, April 29th. Finally, KeyCorp boosted their price target on Eastman Chemical from $101.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, April 9th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $107.50.

Insider Buying and Selling

In related news, CEO Mark J. Costa sold 102,390 shares of the business's stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, SVP Adrian James Holt sold 1,975 shares of the business's stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the business's stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the sale, the chief executive officer now owns 395,699 shares of the company's stock, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock worth $10,885,638 in the last three months. Insiders own 2.28% of the company's stock.

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.