Toronto Dominion Bank Has $5.67 Million Stock Position in Eastman Chemical (NYSE:EMN)

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

A number of other hedge funds have also made changes to their positions in the stock. Private Trust Co. NA increased its holdings in shares of 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 during the last quarter. Blue Trust Inc. increased its holdings in shares of 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 during the last quarter. Picton Mahoney Asset Management increased its holdings in shares of 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 during the last quarter. Caprock Group LLC increased its holdings in shares of 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 during the last quarter. Finally, Global Retirement Partners LLC increased its holdings in shares of 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 during the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on EMN. Wells Fargo & Company lowered their target price on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Barclays lowered their target price on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 29th. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their target price for the company from $105.00 to $101.00 in a report on Friday, April 4th. Wall Street Zen lowered Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Finally, Royal Bank of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a report on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $99.15.

Eastman Chemical Price Performance

EMN traded up $1.98 during trading on Tuesday, hitting $82.52. The company's stock had a trading volume of 204,135 shares, compared to its average volume of 1,086,032. The firm's 50 day moving average price is $80.45 and its two-hundred day moving average price 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 12 month low of $70.90 and a 12 month high of $114.50. The stock has a market capitalization of $9.53 billion, a price-to-earnings ratio of 10.75, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29.

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

Eastman Chemical Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 4.02%. Eastman Chemical's dividend payout ratio (DPR) is currently 42.24%.

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.