Assenagon Asset Management S.A. Trims Holdings in Eastman Chemical Company $EMN

Assenagon Asset Management S.A. trimmed its stake in Eastman Chemical Company (NYSE:EMN) by 86.5% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 22,185 shares of the basic materials company’s stock after selling 141,893 shares during the period. Assenagon Asset Management S.A.’s holdings in Eastman Chemical were worth $1,399,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EMN. Vontobel Holding Ltd. bought a new position in Eastman Chemical in the second quarter worth approximately $392,000. Y Intercept Hong Kong Ltd lifted its stake in shares of Eastman Chemical by 235.2% during the second quarter. Y Intercept Hong Kong Ltd now owns 66,200 shares of the basic materials company’s stock worth $4,942,000 after buying an additional 46,453 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of Eastman Chemical by 19.2% in the second quarter. Nisa Investment Advisors LLC now owns 67,112 shares of the basic materials company’s stock worth $5,066,000 after purchasing an additional 10,813 shares during the last quarter. Bank of Montreal Can boosted its holdings in shares of Eastman Chemical by 9.2% in the 2nd quarter. Bank of Montreal Can now owns 472,384 shares of the basic materials company’s stock valued at $35,268,000 after acquiring an additional 39,930 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Eastman Chemical by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock valued at $1,094,485,000 after buying an additional 79,988 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Up 0.6%

EMN stock opened at $62.86 on Thursday. Eastman Chemical Company has a twelve month low of $56.11 and a twelve month high of $103.82. The stock has a market cap of $7.17 billion, a P/E ratio of 10.49, a PEG ratio of 6.75 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. The company’s 50 day moving average is $61.41 and its two-hundred day moving average is $67.09.

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

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Monday, December 15th will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $3.36 annualized dividend and a yield of 5.3%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio (DPR) is currently 56.09%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wells Fargo & Company restated an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a research report on Friday, December 19th. 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 research note on Friday, October 3rd. UBS Group decreased their target price on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Evercore ISI lowered their target price on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research note on Tuesday, November 11th. Finally, Royal Bank Of Canada set a $71.00 target price on Eastman Chemical in a research note on Tuesday, October 14th. Seven analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $78.77.

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.