Intact Investment Management Inc. Sells 6,760 Shares of Eastman Chemical (NYSE:EMN)

Intact Investment Management Inc. lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 16.1% in the 4th quarter, Holdings Channel.com reports. The institutional investor 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 as of its most recent filing with the SEC.

Several other institutional investors also recently added to or reduced their stakes in EMN. Raymond James Financial Inc. bought a new position in Eastman Chemical during the fourth quarter valued at about $150,537,000. Wealthfront Advisers LLC grew its position in Eastman Chemical by 3,136.8% during the fourth quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock valued at $67,213,000 after buying an additional 713,272 shares during the period. PNC Financial Services Group Inc. grew its position in Eastman Chemical by 57.2% during the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after buying an additional 340,562 shares during the period. Franklin Resources Inc. grew its position in Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after buying an additional 282,458 shares during the period. Finally, National Bank of Canada FI grew its position in Eastman Chemical by 492.9% during the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after buying an additional 177,207 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 0.5 %

Shares of Eastman Chemical stock opened at $91.03 on Friday. Eastman Chemical has a 12-month low of $86.70 and a 12-month high of $114.50. The company has a market cap of $10.48 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 1.22 and a beta of 1.43. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The company’s 50-day moving average price is $95.64 and its 200-day moving average price is $100.14.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on EMN shares. Royal Bank of Canada upped their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Tuesday, February 4th. JPMorgan Chase & Co. upped their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Finally, Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Company 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.