Edmp Inc. Sells 7,983 Shares of Eastman Chemical Company $EMN

Edmp Inc. trimmed its position in shares of Eastman Chemical Company (NYSE:EMN) by 17.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 36,619 shares of the basic materials company’s stock after selling 7,983 shares during the period. Eastman Chemical comprises 1.9% of Edmp Inc.’s portfolio, making the stock its 15th largest position. Edmp Inc.’s holdings in Eastman Chemical were worth $2,337,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp raised its stake in shares of Eastman Chemical by 24.3% during the third quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock valued at $363,314,000 after acquiring an additional 1,112,391 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Eastman Chemical by 14.4% during the third quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company’s stock valued at $255,515,000 after acquiring an additional 509,290 shares during the last quarter. Invesco Ltd. raised its stake in shares of Eastman Chemical by 6.8% during the second quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock valued at $223,509,000 after acquiring an additional 191,461 shares during the last quarter. Bank of America Corp DE raised its stake in shares of 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 acquiring an additional 143,323 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Eastman Chemical by 97.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company’s stock valued at $119,672,000 after acquiring an additional 916,023 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

EMN has been the subject of several recent analyst reports. Bank of America upped their price objective on shares of Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. increased their price target on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. Evercore set a $75.00 price target on shares of Eastman Chemical in a research note on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Finally, Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research note on Wednesday, February 18th. Seven equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $78.15.

Eastman Chemical Price Performance

EMN stock opened at $73.31 on Tuesday. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $84.18. The company has a market cap of $8.36 billion, a P/E ratio of 17.92, a PEG ratio of 1.63 and a beta of 1.16. The firm has a 50-day moving average of $73.79 and a 200 day moving average of $66.79. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results 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 during the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.Eastman Chemical’s quarterly revenue was down 12.1% on a year-over-year basis. During the same period in the previous year, the company earned $1.87 earnings per share. On average, sell-side analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio is 82.15%.

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.