Deprince Race & Zollo Inc. Boosts Stock Position in Eastman Chemical Company $EMN

Deprince Race & Zollo Inc. raised its position in Eastman Chemical Company (NYSE:EMN) by 64.0% during the third quarter, Holdings Channel.com reports. The firm owned 459,245 shares of the basic materials company’s stock after buying an additional 179,191 shares during the period. Deprince Race & Zollo Inc.’s holdings in Eastman Chemical were worth $28,955,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on EMN shares. Bank of America reduced their target price on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, October 14th. Mizuho cut their price objective on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Evercore ISI decreased their target price on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research report on Tuesday, November 11th. Citigroup raised their target price on Eastman Chemical from $70.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, December 18th. Finally, Royal Bank Of Canada set a $71.00 price target on Eastman Chemical in a research report on Tuesday, October 14th. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and an average target price of $78.77.

Eastman Chemical Trading Up 1.1%

Shares of EMN opened at $63.55 on Friday. Eastman Chemical Company has a one year low of $56.11 and a one year high of $103.82. The stock has a 50-day moving average price of $61.51 and a 200 day moving average price of $66.85. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. The company has a market capitalization of $7.25 billion, a P/E ratio of 10.61, a P/E/G ratio of 6.86 and a beta of 1.24.

Eastman Chemical (NYSE:EMN) last posted 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 business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the prior year, the firm earned $2.26 earnings per share. Eastman Chemical’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. Sell-side analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

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

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.