Eastman Chemical (NYSE:EMN) Shares Sold by Canada Pension Plan Investment Board

Canada Pension Plan Investment Board reduced its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 95.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,800 shares of the basic materials company's stock after selling 97,000 shares during the period. Canada Pension Plan Investment Board's holdings in Eastman Chemical were worth $438,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Private Trust Co. NA lifted its position in Eastman Chemical by 14.0% during the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock worth $76,000 after acquiring an additional 103 shares during the period. Blue Trust Inc. lifted its holdings in shares of Eastman Chemical by 2.2% during the fourth quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company's stock worth $503,000 after purchasing an additional 116 shares during the period. Picton Mahoney Asset Management boosted its position in Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after buying an additional 124 shares during the last quarter. Caprock Group LLC increased its holdings 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 buying an additional 128 shares during the period. Finally, Global Retirement Partners LLC raised its position in Eastman Chemical by 1.4% during the 4th quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock worth $846,000 after buying an additional 132 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on EMN. KeyCorp dropped their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a report on Monday. Barclays lowered their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday. Morgan Stanley reduced their price objective on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Monday. Royal Bank of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price on the stock in a research note on Wednesday, April 9th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and set a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a research report on Monday. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of "Moderate Buy" and an average target price of $99.15.

Eastman Chemical Price Performance

EMN stock traded up $0.79 during trading on Wednesday, hitting $77.03. The stock had a trading volume of 1,488,443 shares, compared to its average volume of 1,041,044. The stock has a market capitalization of $8.87 billion, a P/E ratio of 10.03, a PEG ratio of 1.22 and a beta of 1.38. The company's 50-day moving average price is $85.95 and its two-hundred day moving average price is $94.39. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.

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

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 4.31%. Eastman Chemical's dividend payout ratio is presently 42.24%.

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.