Toronto Dominion Bank Raises Position in Eastman Chemical (NYSE:EMN)

Toronto Dominion Bank grew its position in Eastman Chemical (NYSE:EMN - Free Report) by 58.3% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 62,137 shares of the basic materials company's stock after buying an additional 22,893 shares during the period. Toronto Dominion Bank owned approximately 0.05% of Eastman Chemical worth $5,674,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the company. Capital Research Global Investors raised its holdings in shares of Eastman Chemical by 13.4% during the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after purchasing an additional 697,388 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Eastman Chemical by 10.8% during the fourth quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock valued at $528,310,000 after purchasing an additional 565,821 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after purchasing an additional 284,271 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Eastman Chemical by 4.0% during the fourth 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 purchasing an additional 109,316 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Eastman Chemical by 1.7% during 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 purchasing an additional 48,491 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

Shares of NYSE EMN opened at $81.56 on Thursday. The firm has a fifty day moving average price of $81.07 and a 200-day moving average price of $91.55. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The stock has a market cap of $9.42 billion, a PE ratio of 10.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50.

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 (EPS) for the quarter, topping analysts' consensus estimates 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 net margin of 9.65% and a return on equity of 16.27%. The company's revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.61 earnings per share. Equities analysts anticipate that Eastman Chemical will post 8.55 earnings per share 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. Stockholders of record on Friday, June 13th will be paid a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.07%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. The Goldman Sachs Group decreased their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Wells Fargo & Company decreased 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. StockNews.com cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. KeyCorp reduced their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Finally, Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their target price for the company from $105.00 to $101.00 in a report on Friday, April 4th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.15.

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.

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