Eastman Chemical Company $EMN Stock Position Raised by Allworth Financial LP

Allworth Financial LP increased its stake in Eastman Chemical Company (NYSE:EMN) by 3.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 203,926 shares of the basic materials company’s stock after acquiring an additional 7,516 shares during the quarter. Allworth Financial LP owned approximately 0.18% of Eastman Chemical worth $12,858,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of EMN. Vanguard Group Inc. boosted its position in shares of Eastman Chemical by 0.5% in 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 period. State Street Corp increased its position in shares of Eastman Chemical by 24.3% in the third quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock worth $363,314,000 after acquiring an additional 1,112,391 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Eastman Chemical by 14.4% in the third quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company’s stock worth $255,515,000 after acquiring an additional 509,290 shares in the last quarter. Invesco Ltd. raised its holdings 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 period. Finally, Bank of America Corp DE lifted its position in shares of Eastman Chemical by 6.1% in the 2nd 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 in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

Shares of EMN opened at $68.82 on Friday. The company has a market capitalization of $7.85 billion, a PE ratio of 16.83, a PEG ratio of 1.53 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The company’s 50 day moving average price is $72.92 and its 200 day moving average price is $66.41. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $91.27.

Eastman Chemical (NYSE:EMN) last released 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). The company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.87 EPS. Research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is currently 82.15%.

Analysts Set New Price Targets

A number of equities analysts recently commented on EMN shares. JPMorgan Chase & Co. raised their price objective 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. Zacks Research upgraded Eastman Chemical from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Citigroup raised their target price on Eastman Chemical from $78.00 to $84.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a report on Wednesday, February 18th. Finally, KeyCorp reissued an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. According to MarketBeat, Eastman Chemical presently has an average rating of “Hold” and an average price target of $79.64.

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.