Envestnet Asset Management Inc. Decreases Stock Holdings in Eastman Chemical Company $EMN

Envestnet Asset Management Inc. reduced its stake in Eastman Chemical Company (NYSE:EMN) by 23.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 216,228 shares of the basic materials company’s stock after selling 67,204 shares during the period. Envestnet Asset Management Inc. owned approximately 0.19% of Eastman Chemical worth $13,633,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Y Intercept Hong Kong Ltd boosted its position in shares of Eastman Chemical by 235.2% during the second quarter. Y Intercept Hong Kong Ltd now owns 66,200 shares of the basic materials company’s stock worth $4,942,000 after buying an additional 46,453 shares during the period. Nisa Investment Advisors LLC raised its stake in Eastman Chemical by 19.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 67,112 shares of the basic materials company’s stock valued at $5,066,000 after acquiring an additional 10,813 shares in the last quarter. Thrivent Financial for Lutherans raised its stake in Eastman Chemical by 4.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 523,191 shares of the basic materials company’s stock valued at $32,987,000 after acquiring an additional 24,458 shares in the last quarter. Bank of Montreal Can grew its stake in shares of Eastman Chemical by 9.2% in the second quarter. Bank of Montreal Can now owns 472,384 shares of the basic materials company’s stock worth $35,268,000 after purchasing an additional 39,930 shares in the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of Eastman Chemical by 0.5% in the second quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock worth $1,094,485,000 after purchasing an additional 79,988 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

NYSE EMN opened at $79.97 on Tuesday. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $103.82. The business’s fifty day moving average is $68.79 and its two-hundred day moving average is $65.09. The stock has a market capitalization of $9.12 billion, a P/E ratio of 19.55, a P/E/G ratio of 1.76 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76.

Eastman Chemical (NYSE:EMN) last issued its 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). Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The company had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the previous year, the firm earned $1.87 earnings per share. The business’s revenue was down 12.1% compared to the same quarter last year. On average, research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced 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 annualized dividend and a dividend yield of 4.2%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on EMN. UBS Group cut their price objective on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. JPMorgan Chase & Co. boosted their price target on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. Evercore reduced their price target on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research note on Tuesday, November 11th. Bank of America raised 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. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a research report on Friday, December 19th. Seven equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $78.86.

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.