Wesbanco Bank Inc. Raises Stock Holdings in Eastman Chemical (NYSE:EMN)

Posted by on Mar 28th, 2023

Wesbanco Bank Inc. increased its stake in shares of Eastman Chemical (NYSE:EMN – Get Rating) by 4.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,168 shares of the basic materials company’s stock after purchasing an additional 174 shares during the quarter. Wesbanco Bank Inc.’s holdings in Eastman Chemical were worth $339,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Blair William & Co. IL grew its holdings in Eastman Chemical by 2.5% in the first quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock valued at $491,000 after purchasing an additional 105 shares during the period. United Capital Financial Advisers LLC grew its holdings in Eastman Chemical by 3.7% in the second quarter. United Capital Financial Advisers LLC now owns 3,019 shares of the basic materials company’s stock valued at $271,000 after purchasing an additional 107 shares during the period. Gamco Investors INC. ET AL grew its holdings in Eastman Chemical by 4.2% in the second quarter. Gamco Investors INC. ET AL now owns 2,703 shares of the basic materials company’s stock valued at $243,000 after purchasing an additional 110 shares during the period. Clear Street Markets LLC grew its holdings in Eastman Chemical by 49.3% in the third quarter. Clear Street Markets LLC now owns 403 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 133 shares during the period. Finally, Aldebaran Financial Inc. grew its holdings in Eastman Chemical by 1.8% in the third quarter. Aldebaran Financial Inc. now owns 8,417 shares of the basic materials company’s stock valued at $614,000 after purchasing an additional 145 shares during the period. 83.42% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

NYSE:EMN opened at $80.63 on Tuesday. Eastman Chemical has a 52 week low of $69.91 and a 52 week high of $114.97. The company has a quick ratio of 0.58, a current ratio of 1.16 and a debt-to-equity ratio of 0.77. The company has a market capitalization of $9.61 billion, a P/E ratio of 12.80, a P/E/G ratio of 2.12 and a beta of 1.48. The stock’s fifty day moving average is $85.72 and its two-hundred day moving average is $82.75.

Eastman Chemical (NYSE:EMN – Get Rating) last issued its quarterly earnings data on Friday, January 27th. The basic materials company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.37). Eastman Chemical had a net margin of 7.50% and a return on equity of 17.82%. The firm had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.42 billion. During the same period in the previous year, the firm posted $1.81 earnings per share. The company’s quarterly revenue was down 11.9% compared to the same quarter last year. Equities analysts expect that Eastman Chemical will post 7.77 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 10th. Stockholders of record on Wednesday, March 15th will be paid a $0.79 dividend. The ex-dividend date is Tuesday, March 14th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.92%. Eastman Chemical’s payout ratio is presently 50.16%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on EMN. Vertical Research lowered Eastman Chemical from a “buy” rating to a “hold” rating and dropped their price objective for the company from $94.00 to $92.00 in a report on Monday, January 30th. Deutsche Bank Aktiengesellschaft downgraded Eastman Chemical from a “buy” rating to a “hold” rating and raised their target price for the company from $90.00 to $96.00 in a research report on Monday, January 16th. Wells Fargo & Company raised their target price on Eastman Chemical from $80.00 to $95.00 and gave the company an “equal weight” rating in a research report on Monday, January 30th. Mizuho decreased their target price on Eastman Chemical from $85.00 to $82.00 and set a “neutral” rating on the stock in a research report on Monday, January 30th. Finally, Citigroup raised their target price on Eastman Chemical from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, December 15th. Thirteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Eastman Chemical currently has an average rating of “Hold” and a consensus price target of $98.78.

Eastman Chemical Profile

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Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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