Eastman Chemical (NYSE:EMN) Shares Bought by First Citizens Bank & Trust Co.

First Citizens Bank & Trust Co. lifted its position in Eastman Chemical (NYSE:EMN) by 8.3% during the first quarter, Holdings Channel reports. The institutional investor owned 76,219 shares of the basic materials company’s stock after buying an additional 5,847 shares during the quarter. First Citizens Bank & Trust Co.’s holdings in Eastman Chemical were worth $6,716,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Brighton Jones LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at about $202,000. DAVENPORT & Co LLC raised its holdings in shares of Eastman Chemical by 11.1% in the 4th quarter. DAVENPORT & Co LLC now owns 3,059 shares of the basic materials company’s stock worth $279,000 after purchasing an additional 305 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Eastman Chemical by 28.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,903 shares of the basic materials company’s stock valued at $1,456,000 after purchasing an additional 3,543 shares during the last quarter. Choreo LLC boosted its holdings in Eastman Chemical by 2.8% during the fourth quarter. Choreo LLC now owns 13,461 shares of the basic materials company’s stock worth $1,226,000 after buying an additional 361 shares in the last quarter. Finally, State of Alaska Department of Revenue boosted its holdings in Eastman Chemical by 94.0% during the fourth quarter. State of Alaska Department of Revenue now owns 28,216 shares of the basic materials company’s stock worth $2,575,000 after buying an additional 13,668 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.7%

Shares of Eastman Chemical stock opened at $78.88 on Monday. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The company has a market cap of $9.11 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.22 and a beta of 1.25. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock has a 50-day moving average price of $78.86 and a 200 day moving average price of $89.60.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The firm’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.61 earnings per share. As a group, analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.21%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical’s dividend payout ratio (DPR) is currently 42.24%.

Wall Street Analyst Weigh In

EMN has been the topic of several research reports. Citigroup raised Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the company from $105.00 to $101.00 in a report on Friday, April 4th. Wall Street Zen cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, April 28th. Mizuho raised Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a report on Thursday, April 3rd. Wells Fargo & Company decreased their price target on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Finally, Piper Sandler dropped their price target on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus target price of $98.54.

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.