PNC Financial Services Group Inc. Purchases 8,356 Shares of Eastman Chemical (NYSE:EMN)

PNC Financial Services Group Inc. raised its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 944,088 shares of the basic materials company's stock after buying an additional 8,356 shares during the quarter. PNC Financial Services Group Inc. owned about 0.81% of Eastman Chemical worth $86,214,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also added to or reduced their stakes in the stock. Private Trust Co. NA grew its holdings in Eastman Chemical by 14.0% during the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock valued at $76,000 after buying an additional 103 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Eastman Chemical by 2.2% in the fourth quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company's stock valued at $503,000 after purchasing an additional 116 shares in the last quarter. RKL Wealth Management LLC grew its holdings in shares of Eastman Chemical by 0.9% in the third quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company's stock valued at $1,520,000 after purchasing an additional 123 shares in the last quarter. Caprock Group LLC grew its holdings in shares of Eastman Chemical by 4.2% in the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company's stock valued at $295,000 after purchasing an additional 128 shares in the last quarter. Finally, Global Retirement Partners LLC grew its holdings in shares of Eastman Chemical by 1.4% in the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock valued at $846,000 after purchasing an additional 132 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

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Eastman Chemical Trading Down 2.3 %

Shares of NYSE:EMN traded down $2.14 on Wednesday, hitting $92.40. 1,095,812 shares of the company's stock were exchanged, compared to its average volume of 1,070,822. Eastman Chemical has a 12 month low of $86.70 and a 12 month high of $114.50. The stock has a market capitalization of $10.64 billion, a price-to-earnings ratio of 12.03, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The business's 50 day simple moving average is $95.58 and its two-hundred day simple moving average is $100.26. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share 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%. Analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.59%. Eastman Chemical's payout ratio is currently 43.23%.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on EMN. Bank of America raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their target price for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. UBS Group cut their target price 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. KeyCorp raised their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Piper Sandler raised their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Finally, Wells Fargo & Company upgraded Eastman Chemical from an "equal weight" rating to an "overweight" rating and raised their price target for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Eastman Chemical presently has an average rating of "Moderate Buy" and an average target price of $114.08.

Eastman Chemical 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.