Canada Pension Plan Investment Board Invests $470,000 in Eastman Chemical (NYSE:EMN)

Canada Pension Plan Investment Board bought a new position in shares of Eastman Chemical (NYSE:EMN) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 4,800 shares of the basic materials company’s stock, valued at approximately $470,000.

A number of other institutional investors also recently modified their holdings of the company. Bessemer Group Inc. raised its position in Eastman Chemical by 321.2% in the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after buying an additional 12,392 shares during the last quarter. CHURCHILL MANAGEMENT Corp purchased a new stake in Eastman Chemical in the 1st quarter valued at $1,681,000. Empowered Funds LLC purchased a new stake in Eastman Chemical in the 1st quarter valued at $594,000. Dakota Wealth Management raised its position in Eastman Chemical by 13.5% in the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after buying an additional 2,655 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its position in Eastman Chemical by 11.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after buying an additional 7,717 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Down 1.2 %

EMN stock opened at $112.35 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The company has a market capitalization of $13.22 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 0.82 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $114.50. The stock has a fifty day moving average of $100.66 and a 200-day moving average of $99.13.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the company earned $1.99 EPS. The firm’s revenue was up 1.7% compared to the same quarter last year. As a group, equities research analysts predict that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 2.88%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Wall Street Analyst Weigh In

EMN has been the subject of a number of analyst reports. Mizuho increased their price target on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Citigroup decreased their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Deutsche Bank Aktiengesellschaft raised their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Barclays raised their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $108.07.

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.