Mackenzie Financial Corp Acquires 75,417 Shares of Eastman Chemical (NYSE:EMN)

Mackenzie Financial Corp boosted its position in Eastman Chemical (NYSE:EMN - Free Report) by 78.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 172,084 shares of the basic materials company's stock after buying an additional 75,417 shares during the quarter. Mackenzie Financial Corp owned approximately 0.15% of Eastman Chemical worth $15,715,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of EMN. Capital Research Global Investors lifted its position in shares of Eastman Chemical by 13.4% in the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after purchasing an additional 697,388 shares in the last quarter. Franklin Resources Inc. lifted its position in Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after buying an additional 565,821 shares in the last quarter. Invesco Ltd. boosted its stake in shares of Eastman Chemical by 11.1% during the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after buying an additional 284,271 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Eastman Chemical by 4.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock valued at $259,669,000 after acquiring an additional 109,316 shares in the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Eastman Chemical by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock valued at $257,986,000 after acquiring an additional 48,491 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Wall Street Analyst Weigh In

EMN has been the subject of several recent research reports. Barclays reduced their price target on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. The Goldman Sachs Group decreased their target price on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. UBS Group dropped their price target on shares of Eastman Chemical from $111.00 to $107.00 and set a "buy" rating on the stock in a research report on Wednesday. Royal Bank of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target for the company in a research note on Wednesday, April 9th. Finally, Wells Fargo & Company dropped their target price on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of "Moderate Buy" and an average price target of $98.54.

Eastman Chemical Stock Performance

Shares of NYSE:EMN traded down $3.14 on Friday, reaching $78.36. 9,246,817 shares of the company's stock were exchanged, compared to its average volume of 1,134,450. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. The company has a fifty day moving average of $79.98 and a 200-day moving average of $90.69. The company has a market capitalization of $9.05 billion, a price-to-earnings ratio of 10.20, a PEG ratio of 1.22 and a beta of 1.29.

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 the consensus estimate of $1.89 by $0.02. The firm 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 quarterly revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.61 EPS. On average, research analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

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