Intact Investment Management Inc. Buys 4,140 Shares of Eastman Chemical (NYSE:EMN)

Intact Investment Management Inc. grew its stake in shares of Eastman Chemical (NYSE:EMN) by 10.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 41,960 shares of the basic materials company’s stock after buying an additional 4,140 shares during the period. Intact Investment Management Inc.’s holdings in Eastman Chemical were worth $4,697,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Roman Butler Fullerton & Co. bought a new position in Eastman Chemical during the third quarter worth about $251,000. Forum Financial Management LP bought a new position in Eastman Chemical during the third quarter worth about $217,000. Robeco Institutional Asset Management B.V. boosted its holdings in Eastman Chemical by 2.2% during the third quarter. Robeco Institutional Asset Management B.V. now owns 19,568 shares of the basic materials company’s stock worth $2,191,000 after buying an additional 414 shares during the last quarter. Van ECK Associates Corp lifted its holdings in shares of Eastman Chemical by 0.6% during the 3rd quarter. Van ECK Associates Corp now owns 48,790 shares of the basic materials company’s stock valued at $5,220,000 after purchasing an additional 287 shares in the last quarter. Finally, Chicago Partners Investment Group LLC lifted its holdings in shares of Eastman Chemical by 9.9% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,399 shares of the basic materials company’s stock valued at $257,000 after purchasing an additional 216 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.0 %

NYSE:EMN opened at $100.05 on Tuesday. The firm has a market capitalization of $11.69 billion, a price-to-earnings ratio of 13.39, a price-to-earnings-growth ratio of 0.80 and a beta of 1.44. Eastman Chemical has a twelve month low of $75.01 and a twelve month high of $114.50. The stock’s 50 day moving average price is $105.80 and its two-hundred day moving average price is $101.04. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.45% and a net margin of 9.47%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.47 EPS. Equities research analysts expect that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Royal Bank of Canada lifted their price objective on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Piper Sandler reiterated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Finally, Barclays boosted their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $111.64.

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.