Cerity Partners LLC Sells 52,243 Shares of Eastman Chemical Company $EMN

Cerity Partners LLC reduced its stake in Eastman Chemical Company (NYSE:EMN) by 18.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 238,108 shares of the basic materials company’s stock after selling 52,243 shares during the period. Cerity Partners LLC owned 0.21% of Eastman Chemical worth $15,013,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. MUFG Securities EMEA plc purchased a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $25,000. MassMutual Private Wealth & Trust FSB boosted its position in shares of Eastman Chemical by 65.5% during the second 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 purchased a new stake in Eastman Chemical in the second quarter worth $32,000. Loomis Sayles & Co. L P bought a new position in Eastman Chemical in the second quarter worth $33,000. Finally, Financial Consulate Inc. bought a new position in Eastman Chemical in the third quarter worth $42,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Down 0.0%

Shares of Eastman Chemical stock opened at $68.76 on Friday. 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 Company has a twelve month low of $56.11 and a twelve month high of $103.82. The company has a market cap of $7.84 billion, a price-to-earnings ratio of 11.48, a price-to-earnings-growth ratio of 6.68 and a beta of 1.23. The company’s 50 day moving average is $62.30 and its 200 day moving average is $66.12.

Eastman Chemical (NYSE:EMN) last announced 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 for the quarter, compared to analysts’ expectations of $2.28 billion. Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. Eastman Chemical’s quarterly revenue was down 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Research analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were issued a $0.84 dividend. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Monday, December 15th. Eastman Chemical’s dividend payout ratio is currently 56.09%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Citigroup upped their target price on shares of Eastman Chemical from $70.00 to $72.00 and gave the stock a “buy” rating in a research report on Thursday, December 18th. Bank of America dropped their price objective on shares of 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 decreased their target price on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. KeyCorp lowered their target price on shares of Eastman Chemical from $76.00 to $74.00 and set an “overweight” rating for the company in a report on Friday. Finally, Evercore ISI cut their price target on 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. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $78.38.

Eastman Chemical 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.