Smithfield Trust Co Purchases 1,062 Shares of Eastman Chemical (NYSE:EMN)

Smithfield Trust Co raised its holdings in Eastman Chemical (NYSE:EMN) by 245.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,494 shares of the basic materials company’s stock after buying an additional 1,062 shares during the quarter. Smithfield Trust Co’s holdings in Eastman Chemical were worth $138,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. boosted its position in shares of Eastman Chemical by 57.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after acquiring an additional 340,562 shares in the last quarter. Franklin Resources Inc. lifted its stake in Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares during the period. National Bank of Canada FI boosted its holdings in Eastman Chemical by 492.9% during the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after purchasing an additional 177,207 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Eastman Chemical by 443.1% in the 3rd quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock valued at $17,716,000 after purchasing an additional 129,112 shares during the period. Finally, Thrivent Financial for Lutherans raised its holdings in shares of Eastman Chemical by 15.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after buying an additional 126,301 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

A number of analysts have weighed in on EMN shares. JPMorgan Chase & Co. upped their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Piper Sandler upped their price target on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price target for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. UBS Group cut their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a report on Friday, January 31st. Finally, Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $114.08.

Eastman Chemical Price Performance

EMN opened at $97.82 on Thursday. Eastman Chemical has a one year low of $86.70 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The company’s 50 day simple moving average is $95.02 and its 200-day simple moving average is $100.32. The stock has a market capitalization of $11.27 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.22 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.39%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

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.