Wesbanco Bank Inc. Acquires 246 Shares of Eastman Chemical (NYSE:EMN)

Wesbanco Bank Inc. lifted its holdings in Eastman Chemical (NYSE:EMN) by 8.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,273 shares of the basic materials company’s stock after purchasing an additional 246 shares during the period. Wesbanco Bank Inc.’s holdings in Eastman Chemical were worth $299,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in EMN. Assenagon Asset Management S.A. increased its stake in shares of Eastman Chemical by 1,104.3% in the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after purchasing an additional 856,432 shares during the period. Truist Financial Corp increased its stake in shares of Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after purchasing an additional 617,889 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Eastman Chemical by 57.2% in the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after purchasing an additional 340,562 shares during the period. Franklin Resources Inc. increased its stake in shares of Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares during the period. Finally, National Bank of Canada FI increased its stake in Eastman Chemical by 492.9% during the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after acquiring an additional 177,207 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 18,021 shares of company stock worth $1,895,948. Insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Down 1.1 %

NYSE EMN opened at $92.10 on Friday. The firm has a market cap of $10.68 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.67 and a beta of 1.44. Eastman Chemical has a one year low of $80.71 and a one year high of $114.50. The stock’s 50 day simple moving average is $95.70 and its 200 day simple moving average is $100.13. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. Eastman Chemical’s revenue for the quarter was up 8.7% on a year-over-year basis. During the same period in the prior year, the company earned $1.47 EPS. As a group, sell-side analysts forecast that Eastman Chemical will post 7.6 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.60%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Monday, December 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 44.44%.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on EMN shares. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Piper Sandler lowered their price target on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price target for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Finally, Mizuho boosted their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $112.92.

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.