Eastman Chemical (NYSE:EMN) Shares Purchased by CIBC Asset Management Inc

CIBC Asset Management Inc increased its position in shares of Eastman Chemical (NYSE:EMN) by 1.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,378 shares of the basic materials company’s stock after purchasing an additional 380 shares during the period. CIBC Asset Management Inc’s holdings in Eastman Chemical were worth $1,861,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Crews Bank & Trust purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at approximately $27,000. Dunhill Financial LLC grew its position in Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares during the period. Stonebridge Financial Group LLC acquired a new stake in Eastman Chemical during the fourth quarter worth $37,000. Ashton Thomas Securities LLC purchased a new stake in Eastman Chemical in the third quarter valued at $89,000. Finally, Rowlandmiller & PARTNERS.ADV acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at $100,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares in the company, valued at $466,013.52. This trade represents a 50.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Trading Down 1.9 %

Eastman Chemical stock opened at $98.63 on Friday. The stock has a 50-day moving average price of $94.42 and a 200 day moving average price of $100.21. Eastman Chemical has a 52 week low of $85.28 and a 52 week high of $114.50. The stock has a market cap of $11.36 billion, a PE ratio of 12.84, a P/E/G ratio of 1.23 and a beta of 1.44. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Equities research analysts predict that Eastman Chemical will post 8.55 earnings per share 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 issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.37%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on EMN. Royal Bank of Canada raised their price objective on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. KeyCorp lifted their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their target price for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Finally, Piper Sandler boosted their target price on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average target price 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.