SVB Wealth LLC Invests $1.05 Million in Eastman Chemical Company $EMN

SVB Wealth LLC bought a new position in Eastman Chemical Company (NYSE:EMN) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 14,042 shares of the basic materials company’s stock, valued at approximately $1,048,000.

Several other hedge funds have also recently added to or reduced their stakes in EMN. MassMutual Private Wealth & Trust FSB increased its position in shares of Eastman Chemical by 65.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 146 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Eastman Chemical in the 2nd quarter worth approximately $32,000. Loomis Sayles & Co. L P purchased a new stake in Eastman Chemical in the second quarter worth approximately $33,000. National Pension Service raised its stake in shares of Eastman Chemical by 75.3% during the first quarter. National Pension Service now owns 433 shares of the basic materials company’s stock worth $38,000 after acquiring an additional 186 shares in the last quarter. Finally, Hilltop National Bank bought a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $62,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $61.27 on Wednesday. The business has a 50 day moving average of $60.91 and a 200 day moving average of $68.25. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $103.82. The company has a market cap of $6.99 billion, a PE ratio of 10.23, a P/E/G ratio of 6.46 and a beta of 1.24. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.04). The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.28 billion. Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. The business’s revenue was down 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. As a group, equities research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Monday, December 15th will be issued a dividend of $0.84 per share. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date is Monday, December 15th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 5.5%. Eastman Chemical’s dividend payout ratio (DPR) is currently 55.43%.

Analyst Ratings Changes

Several analysts have weighed in on EMN shares. Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. Citigroup boosted their target price on Eastman Chemical from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, October 2nd. Mizuho reduced their price target on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Evercore ISI lowered their price objective on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research report on Tuesday, November 11th. Finally, Wells Fargo & Company cut their target price on shares of Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.62.

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.