PNC Financial Services Group Inc. Grows Holdings in Eastman Chemical (NYSE:EMN)

PNC Financial Services Group Inc. increased its position in Eastman Chemical (NYSE:EMN) by 0.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 944,088 shares of the basic materials company’s stock after purchasing an additional 8,356 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.81% of Eastman Chemical worth $86,214,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Crews Bank & Trust purchased a new position in Eastman Chemical in the fourth quarter worth $27,000. Assetmark Inc. raised its stake in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after buying an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in Eastman Chemical during the fourth quarter worth $35,000. Dunhill Financial LLC grew its position in shares of Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 162 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Eastman Chemical during the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. KeyCorp boosted their price objective on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Royal Bank of Canada lifted their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 4th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Piper Sandler raised their target price on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. lifted their target price on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Price Performance

Shares of EMN opened at $98.93 on Friday. The firm has a market cap of $11.39 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.22 and a beta of 1.43. Eastman Chemical has a 52 week low of $86.70 and a 52 week high of $114.50. The stock has a 50 day moving average of $95.39 and a 200-day moving average of $100.31. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

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

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

About Eastman Chemical

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.