OLD Republic International Corp Buys 61,000 Shares of Eastman Chemical Company $EMN

OLD Republic International Corp increased its position in shares of Eastman Chemical Company (NYSE:EMN) by 18.7% in the 3rd quarter, HoldingsChannel reports. The firm owned 387,500 shares of the basic materials company’s stock after acquiring an additional 61,000 shares during the quarter. OLD Republic International Corp’s holdings in Eastman Chemical were worth $24,432,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in shares of Eastman Chemical by 24.6% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 22,102 shares of the basic materials company’s stock worth $1,394,000 after acquiring an additional 4,362 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Eastman Chemical by 32.0% during the third quarter. Oregon Public Employees Retirement Fund now owns 13,111 shares of the basic materials company’s stock worth $827,000 after purchasing an additional 3,177 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in shares of Eastman Chemical by 43.3% in the 3rd quarter. State of Alaska Department of Revenue now owns 54,355 shares of the basic materials company’s stock valued at $3,426,000 after purchasing an additional 16,419 shares in the last quarter. Asset Management One Co. Ltd. increased its stake in shares of Eastman Chemical by 7.9% in the 3rd quarter. Asset Management One Co. Ltd. now owns 4,124 shares of the basic materials company’s stock valued at $260,000 after purchasing an additional 303 shares during the last quarter. Finally, Davis Capital Management acquired a new position in shares of Eastman Chemical during the 3rd quarter worth $208,000. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently commented on EMN. Wells Fargo & Company reissued an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a report on Friday, December 19th. Bank of America dropped their price objective on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, October 14th. KeyCorp decreased their target price on shares of Eastman Chemical from $76.00 to $74.00 and set an “overweight” rating on the stock in a research note on Friday. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. Finally, UBS Group reduced their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Seven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $78.38.

Eastman Chemical Trading Down 0.0%

Shares of Eastman Chemical stock opened at $68.76 on Monday. The company has a current ratio of 1.76, a quick ratio of 0.86 and a debt-to-equity ratio of 0.82. The stock has a fifty day simple moving average of $62.30 and a 200 day simple moving average of $66.05. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $103.82. The company has a market capitalization of $7.84 billion, a P/E ratio of 11.48, a price-to-earnings-growth ratio of 6.68 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.04). Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the prior year, the firm earned $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 anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend was Monday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s payout ratio is currently 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.