AGF Management Ltd. Sells 25,107 Shares of Eastman Chemical Company $EMN

AGF Management Ltd. trimmed its position in Eastman Chemical Company (NYSE:EMN) by 61.8% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 15,514 shares of the basic materials company’s stock after selling 25,107 shares during the period. AGF Management Ltd.’s holdings in Eastman Chemical were worth $978,000 as of its most recent SEC filing.

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

Eastman Chemical Trading Down 2.9%

NYSE:EMN opened at $76.19 on Friday. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $103.82. The stock’s fifty day moving average price is $66.20 and its two-hundred day moving average price is $65.11. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86. The company has a market cap of $8.69 billion, a P/E ratio of 18.63, a P/E/G ratio of 1.72 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The company had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.87 earnings per share. As a group, analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Monday, December 15th were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.4%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date was Monday, December 15th. Eastman Chemical’s dividend payout ratio (DPR) is 82.15%.

Analyst Upgrades and Downgrades

Several analysts have commented on EMN shares. Bank of America lifted their price objective on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday. Wells Fargo & Company reiterated an “equal weight” rating and issued a $70.00 price objective on shares of Eastman Chemical in a research note on Friday, December 19th. Citigroup increased their price objective on Eastman Chemical from $75.00 to $78.00 and gave the company a “buy” rating in a report on Tuesday. Royal Bank Of Canada restated a “sector perform” rating and issued a $79.00 target price on shares of Eastman Chemical in a research note on Wednesday. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Eastman Chemical in a research note on Wednesday, January 21st. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $78.86.

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.