Huntington National Bank Increases Stock Holdings in Eastman Chemical (NYSE:EMN)

Huntington National Bank lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 2.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 80,642 shares of the basic materials company’s stock after purchasing an additional 1,560 shares during the quarter. Huntington National Bank owned about 0.07% of Eastman Chemical worth $7,364,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Raymond James Financial Inc. acquired a new stake in shares of Eastman Chemical in the 4th quarter worth $150,537,000. Norges Bank purchased a new position in Eastman Chemical during the fourth quarter worth about $137,416,000. Wealthfront Advisers LLC lifted its position in Eastman Chemical by 3,136.8% in the fourth quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock valued at $67,213,000 after purchasing an additional 713,272 shares during the period. Franklin Resources Inc. boosted its holdings in Eastman Chemical by 10.8% in the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company’s stock valued at $528,310,000 after purchasing an additional 565,821 shares in the last quarter. Finally, Clearbridge Investments LLC increased its position in Eastman Chemical by 20.5% during the 4th quarter. Clearbridge Investments LLC now owns 1,229,707 shares of the basic materials company’s stock worth $112,297,000 after purchasing an additional 209,075 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

EMN has been the topic of a number of analyst reports. Piper Sandler lifted their price target on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. KeyCorp upped their price target on shares of 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 raised their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 4th. UBS Group lowered their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Finally, Barclays reduced their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Trading Up 0.3 %

Shares of Eastman Chemical stock opened at $88.35 on Thursday. Eastman Chemical has a 1 year low of $85.84 and a 1 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 business has a 50 day moving average price of $95.36 and a 200 day moving average price of $99.11. The company has a market capitalization of $10.18 billion, a P/E ratio of 11.50, a P/E/G ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last released its quarterly 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 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.76%. 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.