Eastman Chemical Company $EMN Shares Bought by M&T Bank Corp

Key Points

• M&T Bank Corp increased its stake in Eastman Chemical by 529.4% in Q4, buying 79,925 shares to hold 95,023 shares (about 0.08% of the company) valued at roughly $6.07 million.
• Institutional ownership is high at 83.65%, with major investors (State Street, Dimensional, Bank of America, Allspring) adding shares; analysts’ consensus is a "Hold" with a $80 target, though several firms (JPMorgan, UBS, BofA) recently raised ratings or price targets.
• Recent quarterly results slightly missed estimates (EPS $0.75 vs. $0.76; revenue $1.97B vs. $2.03B, down 12.1% YoY); the company pays a quarterly dividend of $0.84 (annual $3.36) for a 4.7% yield and an ~82% payout ratio.

M&T Bank Corp grew its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 529.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 95,023 shares of the basic materials company's stock after buying an additional 79,925 shares during the period. M&T Bank Corp owned 0.08% of Eastman Chemical worth $6,065,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. State Street Corp raised its stake in Eastman Chemical by 24.3% during the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company's stock valued at $363,314,000 after acquiring an additional 1,112,391 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in Eastman Chemical by 14.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company's stock worth $255,515,000 after acquiring an additional 509,290 shares during the period. Bank of America Corp DE grew its stake in shares of Eastman Chemical by 6.1% in the second quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company's stock worth $184,909,000 after purchasing an additional 143,323 shares in the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Eastman Chemical by 97.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company's stock valued at $119,672,000 after purchasing an additional 916,023 shares during the period. Finally, LSV Asset Management increased its holdings in shares of Eastman Chemical by 5.3% during the third quarter. LSV Asset Management now owns 1,265,629 shares of the basic materials company's stock valued at $79,798,000 after purchasing an additional 64,147 shares during the period. 83.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. raised shares of Eastman Chemical from a "neutral" rating to an "overweight" rating and upped their price objective for the stock from $70.00 to $80.00 in a report on Tuesday, April 14th. Bank of America boosted their price target on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. UBS Group upped their price target on shares of Eastman Chemical from $80.00 to $88.00 and gave the stock a "buy" rating in a research note on Thursday, April 9th. Citigroup lowered their price objective on shares of Eastman Chemical from $84.00 to $83.00 and set a "buy" rating on the stock in a research note on Thursday, April 16th. Finally, Weiss Ratings upgraded Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a research report on Wednesday, February 18th. Seven equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of "Hold" and a consensus target price of $80.00.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $71.98 on Friday. Eastman Chemical Company has a twelve month low of $56.11 and a twelve month high of $84.18. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. The firm has a 50-day moving average of $73.19 and a two-hundred day moving average of $67.74. The company has a market capitalization of $8.21 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 1.71 and a beta of 1.16.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the firm earned $1.87 EPS. The business's revenue for the quarter was down 12.1% on a year-over-year basis. As a group, analysts expect that Eastman Chemical Company will post 5.85 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th were issued a $0.84 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.7%. Eastman Chemical's dividend payout ratio is currently 82.15%.

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.

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