Trust Co. of Toledo NA OH Makes New Investment in Eastman Chemical (NYSE:EMN)

Trust Co. of Toledo NA OH acquired a new stake in Eastman Chemical (NYSE:EMN) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 1,787 shares of the basic materials company’s stock, valued at approximately $200,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Capital Research Global Investors increased its holdings in Eastman Chemical by 649.8% during the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after purchasing an additional 3,909,740 shares during the period. Truist Financial Corp increased its stake in shares of Eastman Chemical by 201.5% during the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after buying an additional 617,889 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after acquiring an additional 534,081 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after acquiring an additional 218,531 shares in the last quarter. Finally, Earnest Partners LLC grew its stake in shares of Eastman Chemical by 11.0% during the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock worth $220,478,000 after purchasing an additional 217,720 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on EMN. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Barclays lifted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Citigroup decreased their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Trading Down 2.0 %

Shares of EMN opened at $107.93 on Friday. The firm’s 50-day moving average is $101.49 and its two-hundred day moving average is $99.57. The firm has a market capitalization of $12.70 billion, a P/E ratio of 13.91, a PEG ratio of 0.82 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $114.50.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.14. The business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 EPS. On average, research analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be given a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.00%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

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.