CIBC Asset Management Inc Has $1.74 Million Stake in Eastman Chemical (NYSE:EMN)

CIBC Asset Management Inc cut its position in shares of Eastman Chemical (NYSE:EMNFree Report) by 4.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,339 shares of the basic materials company’s stock after selling 847 shares during the period. CIBC Asset Management Inc’s holdings in Eastman Chemical were worth $1,737,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC acquired a new position in Eastman Chemical during the fourth quarter worth approximately $26,000. Sound Income Strategies LLC lifted its holdings in Eastman Chemical by 213.8% during the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 278 shares during the last quarter. Bruce G. Allen Investments LLC bought a new position in Eastman Chemical during the fourth quarter worth $38,000. Advantage Trust Co acquired a new position in shares of Eastman Chemical in the fourth quarter valued at $40,000. Finally, WASHINGTON TRUST Co raised its position in shares of Eastman Chemical by 426.6% in the fourth quarter. WASHINGTON TRUST Co now owns 495 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 401 shares during the period. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Price Performance

EMN opened at $103.30 on Friday. The stock has a fifty day simple moving average of $99.05 and a two-hundred day simple moving average of $91.49. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. The company has a market cap of $12.15 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 1.09 and a beta of 1.51. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $103.67.

Eastman Chemical (NYSE:EMNGet Free Report) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. Eastman Chemical’s revenue was down 4.2% compared to the same quarter last year. During the same period last year, the business earned $1.63 EPS. Research analysts predict that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be paid a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a yield of 3.14%. Eastman Chemical’s dividend payout ratio is 41.75%.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders sold 108,027 shares of company stock worth $10,885,638 over the last quarter. 1.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

EMN has been the subject of several research reports. Bank of America cut their price objective on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Monday, April 29th. UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their target price for the company from $106.00 to $128.00 in a report on Thursday, May 23rd. Redburn Atlantic started coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price target for the company. Wells Fargo & Company lifted their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Finally, Citigroup lifted their price objective on Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $106.24.

Check Out Our Latest Stock Report on Eastman Chemical

About Eastman Chemical

(Free Report)

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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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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