Eastman Chemical (NYSE:EMN) Shares Acquired by Bank of Montreal Can

Bank of Montreal Can boosted its stake in Eastman Chemical (NYSE:EMN) by 0.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 370,328 shares of the basic materials company’s stock after acquiring an additional 2,328 shares during the period. Bank of Montreal Can owned 0.31% of Eastman Chemical worth $38,196,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical in the second quarter valued at approximately $29,000. Northwest Investment Counselors LLC acquired a new position in Eastman Chemical in the 1st quarter valued at $34,000. EntryPoint Capital LLC purchased a new position in Eastman Chemical during the 1st quarter worth $38,000. Rothschild Investment LLC acquired a new stake in shares of Eastman Chemical in the 2nd quarter worth $38,000. Finally, Friedenthal Financial purchased a new stake in shares of Eastman Chemical in the second quarter valued at about $49,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on EMN shares. Citigroup cut their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Mizuho raised their price target on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Deutsche Bank Aktiengesellschaft upped their price objective on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Stock Performance

NYSE:EMN opened at $113.79 on Friday. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $13.39 billion, a P/E ratio of 14.66, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The firm has a 50-day moving average price of $100.36 and a two-hundred day moving average price of $98.99. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $114.16.

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

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be given a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 2.85%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

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.