PNC Financial Services Group Inc. Has $86.21 Million Position in Eastman Chemical (NYSE:EMN)

PNC Financial Services Group Inc. boosted its stake in Eastman Chemical (NYSE:EMN) by 0.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 944,088 shares of the basic materials company’s stock after buying an additional 8,356 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Eastman Chemical were worth $86,214,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Crews Bank & Trust bought a new stake in Eastman Chemical during the 4th quarter worth about $27,000. Assetmark Inc. grew its stake in shares of Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $35,000. Dunhill Financial LLC increased its stake in Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Finally, Stonebridge Financial Group LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $37,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Up 2.1 %

Shares of NYSE:EMN opened at $98.93 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The firm has a market capitalization of $11.39 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.22 and a beta of 1.43. The stock has a 50 day moving average price of $95.39 and a 200-day moving average price of $100.31. Eastman Chemical has a 52-week low of $86.70 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, equities research analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 3.36%. Eastman Chemical’s payout ratio is presently 43.23%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on EMN shares. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price target for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. KeyCorp increased their price objective on Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Barclays dropped their price target on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Royal Bank of Canada upped their target price on Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 4th. Finally, UBS Group dropped their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a report on Friday, January 31st. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average price target of $114.08.

About Eastman Chemical

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.