Caisse DE Depot ET Placement DU Quebec Buys 17,130 Shares of Eastman Chemical (NYSE:EMN)

Caisse DE Depot ET Placement DU Quebec lifted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 18.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 111,130 shares of the basic materials company's stock after purchasing an additional 17,130 shares during the period. Caisse DE Depot ET Placement DU Quebec owned 0.10% of Eastman Chemical worth $10,148,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the stock. Crews Bank & Trust purchased a new position in Eastman Chemical in the 4th quarter valued at approximately $27,000. Picton Mahoney Asset Management boosted its stake 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 during the period. Assetmark Inc. grew its holdings in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after buying an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in Eastman Chemical during the 4th quarter valued at about $35,000. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Eastman Chemical during the fourth quarter valued at about $37,000. Institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Morgan Stanley decreased their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. KeyCorp lowered their price objective on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. JPMorgan Chase & Co. restated a "neutral" rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Piper Sandler cut their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Finally, Wells Fargo & Company lowered their target price on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $99.15.

Eastman Chemical Trading Up 0.1 %

Shares of NYSE EMN traded up $0.11 during trading hours on Friday, hitting $77.56. The company's stock had a trading volume of 462,122 shares, compared to its average volume of 1,051,372. The business has a 50-day simple moving average of $83.45 and a 200-day simple moving average of $93.04. The stock has a market cap of $8.96 billion, a price-to-earnings ratio of 10.10, a P/E/G ratio of 1.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the firm posted $1.61 earnings per share. The firm's revenue was down .9% on a year-over-year basis. On average, analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.28%. Eastman Chemical's dividend payout ratio is presently 42.24%.

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.