Eastman Chemical Company $EMN Stake Lessened by Atlantic Investment Management Inc.

Atlantic Investment Management Inc. lessened its position in shares of Eastman Chemical Company (NYSE:EMN) by 46.5% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 134,710 shares of the basic materials company’s stock after selling 116,873 shares during the quarter. Eastman Chemical accounts for 5.1% of Atlantic Investment Management Inc.’s portfolio, making the stock its 7th biggest holding. Atlantic Investment Management Inc. owned 0.12% of Eastman Chemical worth $10,057,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. MassMutual Private Wealth & Trust FSB increased its position 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 valued at $28,000 after purchasing an additional 146 shares during the last quarter. Ameritas Advisory Services LLC bought a new stake in Eastman Chemical during the second quarter valued at approximately $32,000. Loomis Sayles & Co. L P bought a new stake in Eastman Chemical during the second quarter valued at approximately $33,000. National Pension Service increased its holdings in Eastman Chemical by 75.3% during the first quarter. National Pension Service now owns 433 shares of the basic materials company’s stock valued at $38,000 after buying an additional 186 shares during the last quarter. Finally, Hilltop National Bank bought a new position in Eastman Chemical in the second quarter worth approximately $62,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $65.27 on Friday. The company has a market cap of $7.45 billion, a PE ratio of 10.90, a P/E/G ratio of 7.04 and a beta of 1.24. Eastman Chemical Company has a fifty-two week low of $56.11 and a fifty-two week high of $103.82. 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 business has a 50-day simple moving average of $61.02 and a two-hundred day simple moving average of $68.10.

Eastman Chemical (NYSE:EMN) last announced 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 during the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the business earned $2.26 earnings per share. The company’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. As a group, equities analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The company also recently disclosed 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. This represents a $3.36 dividend on an annualized basis and a dividend yield of 5.1%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date is Monday, December 15th. Eastman Chemical’s payout ratio is currently 55.43%.

Wall Street Analysts Forecast Growth

EMN has been the subject of a number of recent research reports. Wells Fargo & Company cut their price objective on shares of Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating for the company in a research report on Wednesday, November 5th. Mizuho cut their price target on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, October 3rd. Bank of America reduced their price target 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. UBS Group lowered their price target 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. Finally, Citigroup upped their price objective on Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Eight investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus price target of $78.62.

About Eastman Chemical

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.