Drummond Knight Asset Management Pty Ltd Takes Position in Eastman Chemical Company $EMN

Drummond Knight Asset Management Pty Ltd purchased a new stake in Eastman Chemical Company (NYSE:EMN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 75,033 shares of the basic materials company’s stock, valued at approximately $4,731,000. Eastman Chemical comprises about 1.4% of Drummond Knight Asset Management Pty Ltd’s investment portfolio, making the stock its 12th biggest position.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MUFG Securities EMEA plc purchased a new stake in Eastman Chemical in the 2nd quarter valued at $25,000. MassMutual Private Wealth & Trust FSB raised its holdings in shares of Eastman Chemical by 65.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 146 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Eastman Chemical during the 2nd quarter valued at about $32,000. Loomis Sayles & Co. L P purchased a new stake in shares of Eastman Chemical in the second quarter valued at about $33,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in Eastman Chemical during the third quarter worth about $44,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Ratings Changes

Several research firms have weighed in on EMN. Mizuho decreased their target price on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, October 3rd. Bank of America lowered their price objective on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, October 14th. Weiss Ratings raised Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. Citigroup upped their price target on Eastman Chemical from $70.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a report on Friday. Seven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average target price of $78.77.

Eastman Chemical Price Performance

EMN opened at $62.47 on Wednesday. The stock’s 50-day moving average price is $61.36 and its 200 day moving average price is $67.12. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $103.82. The firm has a market cap of $7.13 billion, a price-to-earnings ratio of 10.43, a PEG ratio of 6.84 and a beta of 1.24. The company has a current ratio of 1.76, a quick ratio of 0.86 and a debt-to-equity ratio of 0.82.

Eastman Chemical (NYSE:EMN) last released its earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share for the quarter, missing the consensus estimate of $1.18 by ($0.04). The firm had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.28 billion. Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. The business’s revenue was down 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. As a group, sell-side analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Monday, December 15th will be given a $0.84 dividend. The ex-dividend date of this dividend is Monday, December 15th. This represents a $3.36 annualized dividend and a yield of 5.4%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio is 56.09%.

Eastman Chemical 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.