Intact Investment Management Inc. Has $3.21 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Intact Investment Management Inc. cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 16.1% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 35,200 shares of the basic materials company’s stock after selling 6,760 shares during the period. Intact Investment Management Inc.’s holdings in Eastman Chemical were worth $3,214,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the business. Private Trust Co. NA boosted its position in Eastman Chemical by 14.0% during the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company’s stock worth $76,000 after buying an additional 103 shares during the period. Blue Trust Inc. boosted its position in Eastman Chemical by 2.2% during the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock worth $503,000 after buying an additional 116 shares during the period. Caprock Group LLC boosted its position in Eastman Chemical by 4.2% during the 4th quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock worth $295,000 after buying an additional 128 shares during the period. Global Retirement Partners LLC boosted its position in 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 worth $846,000 after buying an additional 132 shares during the period. Finally, Metis Global Partners LLC boosted its position in Eastman Chemical by 3.8% during the 4th quarter. Metis Global Partners LLC now owns 3,878 shares of the basic materials company’s stock worth $354,000 after buying an additional 143 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Up 0.5 %

Eastman Chemical stock opened at $91.03 on Friday. 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 $86.70 and a 12-month high of $114.50. The firm’s fifty day moving average is $95.64 and its 200 day moving average is $100.14. The company has a market capitalization of $10.48 billion, a PE ratio of 11.85, a PEG ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, sell-side analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.65%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Wall Street Analyst Weigh In

Several research firms recently commented on EMN. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Barclays dropped their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, Royal Bank of Canada boosted their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus price target of $114.08.

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.