Huntington National Bank Grows Stake in Eastman Chemical Company $EMN

Huntington National Bank boosted its position in Eastman Chemical Company (NYSE:EMN) by 4.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 83,872 shares of the basic materials company’s stock after purchasing an additional 3,388 shares during the period. Huntington National Bank owned about 0.07% of Eastman Chemical worth $6,262,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the company. Verity Asset Management Inc. increased its stake in Eastman Chemical by 26.1% in the 2nd quarter. Verity Asset Management Inc. now owns 3,891 shares of the basic materials company’s stock valued at $291,000 after purchasing an additional 806 shares in the last quarter. Bank of Montreal Can increased its stake in Eastman Chemical by 9.2% in the 2nd quarter. Bank of Montreal Can now owns 472,384 shares of the basic materials company’s stock valued at $35,268,000 after purchasing an additional 39,930 shares in the last quarter. South Dakota Investment Council increased its stake in Eastman Chemical by 22.1% in the 2nd quarter. South Dakota Investment Council now owns 101,501 shares of the basic materials company’s stock valued at $7,578,000 after purchasing an additional 18,363 shares in the last quarter. Regents Gate Capital LLP increased its stake in Eastman Chemical by 5,681.0% in the 2nd quarter. Regents Gate Capital LLP now owns 77,350 shares of the basic materials company’s stock valued at $5,775,000 after purchasing an additional 76,012 shares in the last quarter. Finally, iA Global Asset Management Inc. increased its stake in Eastman Chemical by 8.2% in the 2nd quarter. iA Global Asset Management Inc. now owns 8,544 shares of the basic materials company’s stock valued at $638,000 after purchasing an additional 651 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on EMN shares. Wells Fargo & Company raised their price objective on Eastman Chemical from $70.00 to $80.00 and gave the company an “overweight” rating in a research note on Tuesday, September 16th. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. Royal Bank Of Canada set a $71.00 target price on Eastman Chemical in a report on Tuesday, October 14th. Citigroup increased their target price on Eastman Chemical from $68.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, October 2nd. Finally, KeyCorp set a $79.00 target price on Eastman Chemical and gave the company an “overweight” rating in a report on Monday, August 4th. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $80.33.

Eastman Chemical Price Performance

EMN stock opened at $60.77 on Wednesday. Eastman Chemical Company has a 52-week low of $56.75 and a 52-week high of $107.50. The stock’s fifty day simple moving average is $63.94 and its 200-day simple moving average is $71.54. The company has a quick ratio of 0.78, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. The stock has a market capitalization of $6.98 billion, a price-to-earnings ratio of 8.54, a price-to-earnings-growth ratio of 6.16 and a beta of 1.29.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.04). Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same quarter last year, the business earned $2.26 EPS. Eastman Chemical’s revenue for the quarter was down 10.6% compared to the same quarter last year. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Equities research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Stockholders of record on Monday, September 15th were issued a dividend of $0.83 per share. The ex-dividend date was Monday, September 15th. This represents a $3.32 annualized dividend and a dividend yield of 5.5%. Eastman Chemical’s dividend payout ratio (DPR) is 46.63%.

Eastman Chemical 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.