Eastman Chemical (NYSE:EMN) Shares Acquired by Mackenzie Financial Corp

Mackenzie Financial Corp increased its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 78.0% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 172,084 shares of the basic materials company's stock after purchasing an additional 75,417 shares during the period. Mackenzie Financial Corp owned 0.15% of Eastman Chemical worth $15,715,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Forum Financial Management LP raised its holdings in shares of Eastman Chemical by 74.8% during the fourth quarter. Forum Financial Management LP now owns 3,383 shares of the basic materials company's stock valued at $309,000 after acquiring an additional 1,448 shares during the last quarter. Toronto Dominion Bank increased its position in shares of Eastman Chemical by 58.3% during the fourth quarter. Toronto Dominion Bank now owns 62,137 shares of the basic materials company's stock worth $5,674,000 after purchasing an additional 22,893 shares in the last quarter. Vise Technologies Inc. acquired a new position in Eastman Chemical in the 4th quarter valued at $203,000. Orion Capital Management LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $47,000. Finally, Principal Street Partners LLC lifted its holdings in Eastman Chemical by 1.0% in the 4th quarter. Principal Street Partners LLC now owns 61,113 shares of the basic materials company's stock valued at $5,581,000 after purchasing an additional 611 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 3.9%

EMN stock traded down $3.14 during midday trading on Friday, hitting $78.36. 9,704,158 shares of the company's stock were exchanged, compared to its average volume of 1,137,584. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $9.05 billion, a PE ratio of 10.20, a P/E/G ratio of 1.22 and a beta of 1.29. The business has a 50-day simple moving average of $79.76 and a two-hundred day simple moving average of $90.47.

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

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's dividend payout ratio is presently 42.24%.

Analysts Set New Price Targets

EMN has been the subject of a number of recent research reports. Mizuho upgraded shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 target price for the company in a research report on Thursday, April 3rd. Wells Fargo & Company cut their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Barclays decreased their target price on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price target for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Finally, Piper Sandler reduced their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.54.

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.