First Citizens Bank & Trust Co. Buys 132,397 Shares of Eastman Chemical Company $EMN

First Citizens Bank & Trust Co. boosted its stake in Eastman Chemical Company (NYSE:EMN) by 174.0% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 208,467 shares of the basic materials company’s stock after buying an additional 132,397 shares during the quarter. First Citizens Bank & Trust Co. owned approximately 0.18% of Eastman Chemical worth $13,144,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Brighton Jones LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at $202,000. Integrated Wealth Concepts LLC boosted its position in Eastman Chemical by 185.6% in the first quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company’s stock valued at $589,000 after buying an additional 4,345 shares in the last quarter. Millennium Management LLC boosted its position in Eastman Chemical by 69.2% in the first quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company’s stock valued at $17,098,000 after buying an additional 79,376 shares in the last quarter. NewEdge Advisors LLC grew its stake 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 buying an additional 183 shares during the last quarter. Finally, United Services Automobile Association acquired a new stake in shares of Eastman Chemical during the first quarter worth approximately $252,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Trading Down 0.4%

Shares of EMN opened at $68.68 on Friday. The stock’s fifty day simple moving average is $63.86 and its 200-day simple moving average is $65.45. The firm has a market capitalization of $7.83 billion, a PE ratio of 11.46, a price-to-earnings-growth ratio of 6.75 and a beta of 1.23. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $103.82. 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 announced its quarterly earnings data 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 firm had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.28 billion. Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.The business’s revenue for the quarter was down 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. As a group, research analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were paid a $0.84 dividend. The ex-dividend date of this dividend was Monday, December 15th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 4.9%. Eastman Chemical’s payout ratio is 56.09%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on EMN shares. Evercore ISI reduced their target price on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. UBS Group dropped their price target on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Wells Fargo & Company reissued an “equal weight” rating and issued a $70.00 price objective on shares of Eastman Chemical in a research note on Friday, December 19th. Citigroup increased their target price on Eastman Chemical from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Thursday, January 15th. Finally, KeyCorp cut their price target on Eastman Chemical from $76.00 to $74.00 and set an “overweight” rating for the company in a report on Friday, January 9th. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $78.54.

Eastman Chemical Company 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.