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

Deprince Race & Zollo Inc. grew its position in shares of Eastman Chemical Company (NYSE:EMN) by 64.0% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 459,245 shares of the basic materials company’s stock after buying an additional 179,191 shares during the quarter. Deprince Race & Zollo Inc. owned 0.40% of Eastman Chemical worth $28,955,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in the company. MUFG Securities EMEA plc acquired a new position in shares of Eastman Chemical during the second quarter worth about $25,000. MassMutual Private Wealth & Trust FSB boosted its holdings in 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 purchasing an additional 146 shares in the last quarter. Ameritas Advisory Services LLC acquired a new position in Eastman Chemical during the 2nd quarter worth approximately $32,000. Loomis Sayles & Co. L P purchased a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $33,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in shares of Eastman Chemical in the 3rd quarter valued at approximately $44,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $63.55 on Friday. The stock has a market cap of $7.25 billion, a price-to-earnings ratio of 10.61, a PEG ratio of 6.86 and a beta of 1.24. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $103.82. The company’s 50-day moving average price is $61.51 and its 200 day moving average price is $66.85. 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 announced its 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). The business had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.28 billion. Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.The business’s revenue was down 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. As a group, research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on EMN shares. Bank of America dropped their price objective on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, October 14th. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a research note on Friday, December 19th. 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 note 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 on the stock in a report on Wednesday, November 5th. Finally, Mizuho dropped their target price on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, October 3rd. Seven investment analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $78.77.

About Eastman Chemical

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.