Drummond Knight Asset Management Pty Ltd Makes New $4.73 Million Investment in Eastman Chemical Company $EMN

Drummond Knight Asset Management Pty Ltd acquired a new stake in Eastman Chemical Company (NYSE:EMN) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 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 portfolio, making the stock its 12th largest position. Drummond Knight Asset Management Pty Ltd owned about 0.07% of Eastman Chemical at the end of the most recent quarter.

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

Eastman Chemical Price Performance

NYSE:EMN opened at $62.47 on Wednesday. The firm has a market cap of $7.13 billion, a P/E ratio of 10.43, a price-to-earnings-growth ratio of 6.84 and a beta of 1.24. The stock has a 50 day moving average of $61.36 and a two-hundred day moving average of $67.12. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $103.82. 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 issued its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 analyst estimates of $2.28 billion. During the same period in the prior year, the firm earned $2.26 earnings per share. The business’s revenue was down 10.6% on a year-over-year basis. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on EMN. Evercore ISI dropped their price objective on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a research note on Tuesday, November 11th. Citigroup raised their price target 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. UBS Group decreased their price objective on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $70.00 price target on shares of Eastman Chemical in a report on Friday. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Eastman Chemical has an average 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.