Investment Management Corp of Ontario Has $443,000 Stock Holdings in Eastman Chemical (NYSE:EMN)

Investment Management Corp of Ontario grew its stake in shares of Eastman Chemical (NYSE:EMN) by 43.5% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,957 shares of the basic materials company’s stock after purchasing an additional 1,200 shares during the period. Investment Management Corp of Ontario’s holdings in Eastman Chemical were worth $443,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Massachusetts Financial Services Co. MA lifted its stake in Eastman Chemical by 3.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after buying an additional 83,504 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Eastman Chemical by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after acquiring an additional 198,645 shares during the period. Earnest Partners LLC lifted its position in shares of Eastman Chemical by 1.8% in the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after acquiring an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in Eastman Chemical by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after purchasing an additional 7,847 shares during the period. Finally, Thrivent Financial for Lutherans grew its position in Eastman Chemical by 15.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after purchasing an additional 126,301 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on EMN. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Friday, November 22nd. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Mizuho upped their target price on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $112.86.

Insider Activity

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the transaction, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock valued at $1,895,948 over the last 90 days. 1.93% of the stock is currently owned by company insiders.

Eastman Chemical Stock Down 0.4 %

EMN stock opened at $101.07 on Friday. The firm has a market cap of $11.72 billion, a PE ratio of 13.53, a PEG ratio of 0.81 and a beta of 1.42. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The company has a fifty day simple moving average of $105.39 and a 200 day simple moving average of $101.78. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.47 earnings per share. Sell-side analysts anticipate that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Monday, December 16th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is 43.37%.

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.