Bank of Montreal Can Boosts Stock Position in Eastman Chemical (NYSE:EMN)

Bank of Montreal Can increased its stake in Eastman Chemical (NYSE:EMN - Free Report) by 21.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 442,303 shares of the basic materials company's stock after purchasing an additional 78,937 shares during the quarter. Bank of Montreal Can owned approximately 0.38% of Eastman Chemical worth $40,391,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of EMN. Private Trust Co. NA raised its holdings in 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 acquiring an additional 103 shares during the period. Blue Trust Inc. raised its stake in Eastman Chemical by 2.2% during the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company's stock valued at $503,000 after purchasing an additional 116 shares during the period. Picton Mahoney Asset Management lifted its holdings in Eastman Chemical by 62.3% in 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 in the last quarter. Caprock Group LLC boosted its stake in Eastman Chemical by 4.2% in the 4th 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 during the period. Finally, Global Retirement Partners LLC raised its position in shares of Eastman Chemical by 1.4% during the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock valued at $846,000 after buying an additional 132 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Trading Up 0.3 %

EMN stock traded up $0.20 during trading on Wednesday, hitting $77.88. The company had a trading volume of 130,178 shares, compared to its average volume of 1,231,444. The firm has a market capitalization of $8.97 billion, a P/E ratio of 10.14, a PEG ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50. The company has a 50 day simple moving average of $91.09 and a 200-day simple moving average of $96.76.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly 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 net margin of 9.65% and a return on equity of 16.27%. As a group, research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.26%. The ex-dividend date was Friday, March 14th. Eastman Chemical's payout ratio is 43.23%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on EMN. StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. JPMorgan Chase & Co. boosted their target price on Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Wells Fargo & Company reduced their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Piper Sandler lowered their target price on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Finally, Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target 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.