SVB Wealth LLC Makes New Investment in Eastman Chemical (NYSE:EMN)

SVB Wealth LLC bought a new stake in Eastman Chemical (NYSE:EMN) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,724 shares of the basic materials company’s stock, valued at approximately $431,000.

Several other institutional investors and hedge funds have also modified their holdings of EMN. Private Trust Co. NA raised its position in Eastman Chemical by 14.0% in the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 103 shares during the last quarter. Blue Trust Inc. raised 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 buying an additional 116 shares during the last quarter. RKL Wealth Management LLC lifted its position in Eastman Chemical by 0.9% during the 3rd quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock worth $1,520,000 after buying an additional 123 shares in the last quarter. Caprock Group LLC grew its holdings in Eastman Chemical by 4.2% during the 4th quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock worth $295,000 after acquiring an additional 128 shares during the last quarter. Finally, Global Retirement Partners LLC increased its position in Eastman Chemical by 1.4% in the 4th quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company’s stock valued at $846,000 after acquiring an additional 132 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Down 1.4 %

Eastman Chemical stock opened at $93.13 on Wednesday. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week 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 firm has a market capitalization of $10.73 billion, a price-to-earnings ratio of 12.13, a PEG ratio of 1.22 and a beta of 1.44. The company’s 50 day simple moving average is $94.99 and its 200 day simple moving average is $100.35.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, sell-side analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on EMN shares. Royal Bank of Canada upped their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. KeyCorp lifted their target price on Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. upped their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Finally, UBS Group lowered their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $114.08.

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.