SVB Wealth LLC Has $1.50 Million Stock Holdings in Eastman Chemical Company $EMN

SVB Wealth LLC boosted its position in shares of Eastman Chemical Company (NYSE:EMN) by 69.2% in the third quarter, Holdings Channel.com reports. The firm owned 23,765 shares of the basic materials company’s stock after purchasing an additional 9,723 shares during the period. SVB Wealth LLC’s holdings in Eastman Chemical were worth $1,498,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of Eastman Chemical by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock valued at $1,094,485,000 after buying an additional 79,988 shares during the last quarter. Invesco Ltd. raised its position in Eastman Chemical by 6.8% during the second quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock valued at $223,509,000 after acquiring an additional 191,461 shares in the last quarter. Geode Capital Management LLC lifted its stake in Eastman Chemical by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company’s stock valued at $220,252,000 after acquiring an additional 39,510 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Eastman Chemical by 5.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,934,952 shares of the basic materials company’s stock worth $219,124,000 after acquiring an additional 155,574 shares in the last quarter. Finally, Bank of America Corp DE increased its stake in shares of Eastman Chemical by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company’s stock worth $184,909,000 after purchasing an additional 143,323 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $80.63 on Wednesday. The company has a market cap of $9.20 billion, a price-to-earnings ratio of 19.71, a PEG ratio of 1.72 and a beta of 1.23. The business has a 50 day moving average price of $67.25 and a 200 day moving average price of $64.93. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. Eastman Chemical Company has a twelve month low of $56.11 and a twelve month high of $103.82.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the firm earned $1.87 earnings per share. The business’s quarterly revenue was down 12.1% on a year-over-year basis. Research analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Monday, December 15th were paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 4.2%. The ex-dividend date was Monday, December 15th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio is currently 82.15%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on EMN shares. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research note on Monday, February 2nd. Weiss Ratings cut Eastman Chemical from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 4th. Bank of America increased their price objective on Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a report on Monday, February 2nd. UBS Group cut their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $78.86.

About Eastman Chemical

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.