Eastman Chemical (NYSE:EMN) Shares Bought by Whittier Trust Co. of Nevada Inc.

Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 168.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 744 shares of the basic materials company’s stock after acquiring an additional 467 shares during the period. Whittier Trust Co. of Nevada Inc.’s holdings in Eastman Chemical were worth $83,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Bessemer Group Inc. lifted its position in Eastman Chemical by 321.2% during the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after purchasing an additional 12,392 shares during the period. Empowered Funds LLC acquired a new stake in Eastman Chemical during the first quarter worth about $594,000. Dakota Wealth Management raised its position in Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after acquiring an additional 2,655 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Eastman Chemical by 11.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after acquiring an additional 7,717 shares during the period. Finally, Van ECK Associates Corp boosted its position in Eastman Chemical by 31.5% in the 1st quarter. Van ECK Associates Corp now owns 48,276 shares of the basic materials company’s stock worth $4,838,000 after purchasing an additional 11,569 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company upped their price objective on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Mizuho increased their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $106.98 on Thursday. The firm has a 50-day simple moving average of $104.89 and a 200-day simple moving average of $100.73. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $12.59 billion, a price-to-earnings ratio of 13.79, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The business’s revenue was up 1.7% on a year-over-year basis. During the same period last year, the company posted $1.99 EPS. On average, equities analysts predict that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.03%. Eastman Chemical’s payout ratio is 41.75%.

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.