Truist Financial Corp Acquires 107,750 Shares of Eastman Chemical Company (NYSE:EMN)

Truist Financial Corp grew its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 9.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,265,857 shares of the basic materials company's stock after buying an additional 107,750 shares during the period. Truist Financial Corp owned 1.10% of Eastman Chemical worth $111,535,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in EMN. Picton Mahoney Asset Management boosted its stake in Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 124 shares during the period. Assetmark Inc. increased its position in 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 acquiring an additional 296 shares during the period. Headlands Technologies LLC acquired a new stake in Eastman Chemical in the 4th quarter worth about $43,000. Orion Capital Management LLC bought a new stake in Eastman Chemical in the 4th quarter valued at about $47,000. Finally, Brown Brothers Harriman & Co. increased its holdings in shares of Eastman Chemical by 135.7% during the fourth quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock worth $48,000 after purchasing an additional 304 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Trading Down 1.7%

EMN traded down $1.39 during trading on Monday, reaching $78.18. 1,378,263 shares of the company's stock were exchanged, compared to its average volume of 1,236,756. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. Eastman Chemical Company has a one year low of $70.90 and a one year high of $114.50. The firm has a fifty day moving average price of $78.63 and a two-hundred day moving average price of $86.24. The stock has a market capitalization of $9.03 billion, a PE ratio of 9.95, a price-to-earnings-growth ratio of 1.91 and a beta of 1.22.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The business had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same period in the prior year, the business posted $1.61 earnings per share. The firm's revenue was down .9% on a year-over-year basis. As a group, equities research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be issued a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.25%. Eastman Chemical's payout ratio is currently 42.24%.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on EMN shares. Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a research report on Thursday, April 3rd. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. UBS Group cut their target price on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Barclays dropped their price objective on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. Finally, The Goldman Sachs Group decreased their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Company 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.