Eastman Chemical Company $EMN Stake Lifted by VIRGINIA RETIREMENT SYSTEMS ET Al

VIRGINIA RETIREMENT SYSTEMS ET Al raised its stake in Eastman Chemical Company (NYSE:EMN) by 198.3% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 17,300 shares of the basic materials company’s stock after buying an additional 11,500 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Eastman Chemical were worth $1,091,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical in the 2nd quarter worth about $25,000. MassMutual Private Wealth & Trust FSB increased its stake in shares of Eastman Chemical by 65.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 146 shares during the period. Ameritas Advisory Services LLC acquired a new stake in shares of Eastman Chemical in the second quarter valued at approximately $32,000. Loomis Sayles & Co. L P bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $33,000. Finally, Heartwood Wealth Advisors LLC acquired a new position in shares of Eastman Chemical during the third quarter worth approximately $44,000. Institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently commented on EMN shares. Mizuho lowered their target price on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Wells Fargo & Company reissued an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a report on Friday, December 19th. Royal Bank Of Canada set a $71.00 price objective on shares of Eastman Chemical in a research note on Tuesday, October 14th. Evercore ISI reduced their price objective on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a report on Tuesday, November 11th. Finally, Bank of America decreased their target price on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, October 14th. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $78.77.

Eastman Chemical Trading Up 0.8%

Shares of EMN stock opened at $64.32 on Friday. The stock has a 50-day simple moving average of $61.70 and a 200 day simple moving average of $66.38. The stock has a market capitalization of $7.34 billion, a P/E ratio of 10.74, a P/E/G ratio of 6.19 and a beta of 1.23. Eastman Chemical Company has a fifty-two week low of $56.11 and a fifty-two week high of $103.82. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.04). Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.28 billion. During the same period in the previous year, the company posted $2.26 earnings per share. Eastman Chemical’s revenue was down 10.6% compared to the same quarter last year. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, sell-side analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Monday, December 15th will be issued a dividend of $0.84 per share. The ex-dividend date is Monday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 5.2%. Eastman Chemical’s payout ratio is 56.09%.

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.