Edmp Inc. Purchases 21,723 Shares of Eastman Chemical Company $EMN

Edmp Inc. boosted its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 94.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 44,602 shares of the basic materials company’s stock after buying an additional 21,723 shares during the period. Eastman Chemical makes up about 2.2% of Edmp Inc.’s holdings, making the stock its 14th largest holding. Edmp Inc.’s holdings in Eastman Chemical were worth $2,812,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Eastman Chemical by 0.5% in 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 acquiring an additional 79,988 shares in the last quarter. Invesco Ltd. increased its position in shares of Eastman Chemical by 6.8% in the second quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock worth $223,509,000 after purchasing an additional 191,461 shares during the last quarter. Geode Capital Management LLC raised its stake in Eastman Chemical by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company’s stock valued at $220,252,000 after purchasing an additional 39,510 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its position in Eastman Chemical by 5.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,934,952 shares of the basic materials company’s stock valued at $219,124,000 after purchasing an additional 155,574 shares during the last quarter. Finally, Bank of America Corp DE grew its stake in Eastman Chemical by 6.1% in the 2nd quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company’s stock worth $184,909,000 after buying an additional 143,323 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

NYSE EMN opened at $64.00 on Friday. The company has a 50-day simple moving average of $61.67 and a two-hundred day simple moving average of $66.53. 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 $7.30 billion, a price-to-earnings ratio of 10.68, a PEG ratio of 6.90 and a beta of 1.23. The company has a quick ratio of 0.86, a current ratio of 1.76 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 analysts’ consensus estimates of $1.18 by ($0.04). The company had revenue of $2.20 billion during the quarter, compared to the consensus estimate of $2.28 billion. Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. The company’s revenue was down 10.6% on a year-over-year basis. During the same period last year, the firm posted $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, equities analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Increases Dividend

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

Analysts Set New Price Targets

Several analysts have recently weighed in on EMN shares. Citigroup raised their price objective on shares of Eastman Chemical from $70.00 to $72.00 and gave the company a “buy” rating in a research report on Thursday, December 18th. Bank of America reduced their target price on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, October 14th. Mizuho dropped their price target on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. UBS Group reduced their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Weiss Ratings raised Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. 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, the stock 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.