Eastman Chemical Company $EMN Stock Position Increased by Huntington National Bank

Huntington National Bank lifted its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 31.8% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 110,576 shares of the basic materials company’s stock after acquiring an additional 26,704 shares during the period. Huntington National Bank’s holdings in Eastman Chemical were worth $6,972,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. MUFG Securities EMEA plc acquired a new stake in Eastman Chemical in the second quarter worth approximately $25,000. Loomis Sayles & Co. L P bought a new position in shares of Eastman Chemical during the 2nd quarter valued at about $33,000. Rothschild Investment LLC grew its stake in shares of Eastman Chemical by 65.6% in the 3rd quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 229 shares during the last quarter. Financial Consulate Inc. bought a new stake in shares of Eastman Chemical in the 3rd quarter worth approximately $42,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in Eastman Chemical during the third quarter valued at approximately $44,000. Institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the topic of several recent research reports. Royal Bank Of Canada restated a “sector perform” rating and issued a $79.00 price target on shares of Eastman Chemical in a research report on Wednesday, February 4th. UBS Group reduced their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. JPMorgan Chase & Co. boosted their target price on Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research note on Wednesday, February 18th. Finally, Citigroup raised their target price on shares of Eastman Chemical from $75.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, February 3rd. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $79.21.

Eastman Chemical Stock Performance

EMN stock opened at $75.42 on Friday. The firm has a 50 day simple moving average of $71.19 and a 200 day simple moving average of $66.08. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $99.89. The stock has a market cap of $8.61 billion, a P/E ratio of 18.44, a P/E/G ratio of 1.66 and a beta of 1.23. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37.

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 company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.87 EPS. Research analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.36 dividend on an annualized basis and a yield of 4.5%. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

Eastman Chemical Company Profile

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.