Eastman Chemical (NYSE:EMN) Shares Purchased by Royal Bank of Canada

Royal Bank of Canada increased its stake in Eastman Chemical (NYSE:EMN - Free Report) by 42.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 467,787 shares of the basic materials company's stock after purchasing an additional 139,099 shares during the quarter. Royal Bank of Canada owned 0.40% of Eastman Chemical worth $42,717,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in EMN. Private Trust Co. NA increased its holdings 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 valued at $76,000 after acquiring an additional 103 shares in the last quarter. Blue Trust Inc. increased its holdings 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 acquiring an additional 116 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 124 shares in the last quarter. Caprock Group LLC increased its holdings in Eastman Chemical by 4.2% during the 4th quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company's stock valued at $295,000 after acquiring an additional 128 shares in the last quarter. Finally, Global Retirement Partners LLC increased its holdings 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 valued at $846,000 after acquiring an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Trading Up 2.5%

Shares of EMN traded up $1.98 during mid-day trading on Tuesday, hitting $82.52. The company had a trading volume of 204,135 shares, compared to its average volume of 1,086,032. The business's 50-day simple moving average is $80.45 and its 200-day simple moving average is $90.96. 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 1-year low of $70.90 and a 1-year high of $114.50. The stock has a market cap of $9.53 billion, a PE ratio of 10.75, a P/E/G ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same period last year, the company earned $1.61 earnings per share. The company's quarterly revenue was down .9% on a year-over-year basis. Sell-side analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.02%. Eastman Chemical's dividend payout ratio is presently 42.24%.

Analysts Set New Price Targets

EMN has been the subject of several recent research reports. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their target price for the company from $105.00 to $101.00 in a report on Friday, April 4th. Wall Street Zen cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a research note on Thursday, April 3rd. Wells Fargo & Company decreased their price target 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. Finally, Morgan Stanley decreased their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.15.

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.