PNC Financial Services Group Inc. Reduces Stock Position in Eastman Chemical Company $EMN

PNC Financial Services Group Inc. decreased its position in Eastman Chemical Company (NYSE:EMN) by 9.3% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 858,179 shares of the basic materials company’s stock after selling 88,337 shares during the quarter. PNC Financial Services Group Inc. owned about 0.75% of Eastman Chemical worth $54,108,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of EMN. Amalgamated Bank raised its position in shares of Eastman Chemical by 0.8% in the second quarter. Amalgamated Bank now owns 22,291 shares of the basic materials company’s stock valued at $1,664,000 after buying an additional 168 shares during the last quarter. NewEdge Advisors LLC boosted its position in Eastman Chemical by 2.6% during the first quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock worth $644,000 after acquiring an additional 183 shares during the last quarter. Concorde Financial Corp grew its stake in Eastman Chemical by 0.9% in the 2nd quarter. Concorde Financial Corp now owns 22,561 shares of the basic materials company’s stock worth $1,684,000 after acquiring an additional 211 shares during the period. Aldebaran Financial Inc. raised its holdings in Eastman Chemical by 3.0% in the 2nd quarter. Aldebaran Financial Inc. now owns 7,887 shares of the basic materials company’s stock valued at $589,000 after acquiring an additional 226 shares during the last quarter. Finally, Y.D. More Investments Ltd lifted its stake in shares of Eastman Chemical by 24.8% during the 2nd quarter. Y.D. More Investments Ltd now owns 1,303 shares of the basic materials company’s stock worth $99,000 after purchasing an additional 259 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

EMN has been the topic of several analyst reports. Royal Bank Of Canada restated a “sector perform” rating and set a $79.00 price objective on shares of Eastman Chemical in a report on Wednesday, February 4th. Citigroup increased their target price on Eastman Chemical from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. Weiss Ratings lowered Eastman Chemical from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft lifted their price target on Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a report on Monday, February 2nd. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price objective on shares of Eastman Chemical in a report on Friday, December 19th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $78.86.

Eastman Chemical Price Performance

EMN stock opened at $79.97 on Tuesday. The company has a market cap of $9.12 billion, a PE ratio of 19.55, a price-to-earnings-growth ratio of 1.76 and a beta of 1.23. The company has a current ratio of 1.76, a quick ratio of 0.86 and a debt-to-equity ratio of 0.82. The stock has a 50-day moving average price of $68.79 and a two-hundred day moving average price of $65.09. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $103.82.

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

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be given a $0.84 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.2%. Eastman Chemical’s dividend payout ratio is presently 82.15%.

Eastman Chemical Profile

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.