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% in the third quarter, HoldingsChannel.com reports. The fund owned 41,960 shares of the basic materials company’s stock after acquiring an additional 4,140 shares during the quarter. Intact Investment Management Inc.’s holdings in Eastman Chemical were worth $4,697,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Bessemer Group Inc. lifted its position in shares of Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after buying an additional 12,392 shares during the last quarter. Empowered Funds LLC acquired a new stake in Eastman Chemical during the first quarter worth approximately $594,000. Dakota Wealth Management grew its stake in Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after purchasing an additional 2,655 shares during the period. Envestnet Portfolio Solutions Inc. grew its stake in Eastman Chemical by 11.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after purchasing an additional 7,717 shares during the period. Finally, Cetera Advisors LLC grew its stake in Eastman Chemical by 119.7% during the first quarter. Cetera Advisors LLC now owns 10,088 shares of the basic materials company’s stock worth $1,011,000 after purchasing an additional 5,496 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

EMN has been the subject of several recent analyst reports. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho increased their price target on Eastman Chemical from $107.00 to $113.00 and gave the stock a “neutral” rating in a report on Friday. Royal Bank of Canada increased their price target on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a report on Friday, October 11th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday. 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 a consensus rating of “Hold” and a consensus target price of $111.64.

Eastman Chemical Stock Down 1.0 %

EMN stock opened at $100.05 on Tuesday. Eastman Chemical has a twelve month low of $75.01 and a twelve month high of $114.50. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The stock’s 50 day moving average is $105.80 and its 200-day moving average is $101.04. The firm has a market capitalization of $11.69 billion, a PE ratio of 13.39, a P/E/G ratio of 0.80 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. The company 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 company’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same quarter last year, the company earned $1.47 earnings per share. Sell-side analysts expect that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical 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.