6,705 Shares in Eastman Chemical Company $EMN Purchased by AXQ Capital LP

AXQ Capital LP bought a new stake in Eastman Chemical Company (NYSE:EMN) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 6,705 shares of the basic materials company’s stock, valued at approximately $423,000.

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

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $75.46 on Thursday. The firm has a 50 day moving average of $70.73 and a 200-day moving average of $65.90. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $100.30. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $8.61 billion, a PE ratio of 18.45, a PEG ratio of 1.70 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last announced 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). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The firm had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the business earned $1.87 earnings per share. The business’s revenue was down 12.1% compared to the same quarter last year. On average, equities research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be paid a $0.84 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.36 annualized dividend and a yield of 4.5%. Eastman Chemical’s dividend payout ratio (DPR) is 82.15%.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Citigroup lifted their target price on shares of Eastman Chemical from $75.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, February 3rd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Evercore set a $75.00 price target on Eastman Chemical in a report on Wednesday, February 18th. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research report on Wednesday, February 18th. Finally, Wells Fargo & Company reissued 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 and eight have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $79.21.

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.