Eastman Chemical (NYSE:EMN) Shares Bought by iA Global Asset Management Inc.

iA Global Asset Management Inc. lifted its position in shares of Eastman Chemical (NYSE:EMN) by 166.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,004 shares of the basic materials company’s stock after buying an additional 3,127 shares during the period. iA Global Asset Management Inc.’s holdings in Eastman Chemical were worth $490,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock worth $1,332,904,000 after acquiring an additional 61,580 shares during the period. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Putnam Investments LLC grew its holdings in shares of Eastman Chemical by 4.0% during the 4th quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock worth $391,203,000 after purchasing an additional 168,038 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Eastman Chemical by 7.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock worth $231,357,000 after purchasing an additional 168,009 shares during the last quarter. Finally, Earnest Partners LLC raised its holdings in Eastman Chemical by 11.0% in the 1st quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after buying an additional 217,720 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 1.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on EMN shares. Barclays increased their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their price target on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Mizuho lifted their price objective on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $102.37 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The company has a market cap of $12.04 billion, a price-to-earnings ratio of 13.19, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46. The stock’s 50-day moving average is $97.95 and its two-hundred day moving average is $96.79. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $105.98.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the firm earned $1.99 earnings per share. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. Analysts forecast that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be given a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.16%. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

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.