Eastman Chemical Company $EMN Stake Lifted by SVB Wealth LLC

SVB Wealth LLC increased its position in shares of Eastman Chemical Company (NYSE:EMN) by 69.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 23,765 shares of the basic materials company’s stock after purchasing an additional 9,723 shares during the period. SVB Wealth LLC’s holdings in Eastman Chemical were worth $1,498,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at $202,000. Integrated Wealth Concepts LLC grew its holdings in Eastman Chemical by 185.6% during the first quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company’s stock worth $589,000 after acquiring an additional 4,345 shares during the period. Millennium Management LLC raised its position in Eastman Chemical by 69.2% in the first quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company’s stock worth $17,098,000 after acquiring an additional 79,376 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Eastman Chemical by 2.6% in the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock valued at $644,000 after acquiring an additional 183 shares during the last quarter. Finally, United Services Automobile Association bought a new position in shares of Eastman Chemical during the 1st quarter valued at about $252,000. 83.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on EMN shares. JPMorgan Chase & Co. lifted their price objective on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a report on Monday, February 2nd. Evercore cut their price objective on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research report on Tuesday, November 11th. Royal Bank Of Canada restated a “sector perform” rating and issued a $79.00 target price on shares of Eastman Chemical in a report on Wednesday, February 4th. Finally, Bank of America lifted their target price on Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $78.86.

Eastman Chemical Trading Up 2.9%

Eastman Chemical stock opened at $80.63 on Wednesday. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $103.82. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. The firm has a market capitalization of $9.20 billion, a price-to-earnings ratio of 19.71, a P/E/G ratio of 1.72 and a beta of 1.23. The company has a 50 day moving average price of $67.25 and a 200 day moving average price of $64.93.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The business had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. Eastman Chemical’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.87 EPS. Research analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were paid a dividend of $0.84 per share. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Monday, December 15th. This represents a $3.36 annualized dividend and a yield of 4.2%. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.