Eastman Chemical Company $EMN Shares Sold by QRG Capital Management Inc.

QRG Capital Management Inc. lessened its position in shares of Eastman Chemical Company (NYSE:EMN) by 48.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,911 shares of the basic materials company’s stock after selling 21,963 shares during the quarter. QRG Capital Management Inc.’s holdings in Eastman Chemical were worth $1,445,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical in the second quarter valued at approximately $25,000. Ameritas Advisory Services LLC purchased a new stake in shares of Eastman Chemical in the second quarter valued at about $32,000. Loomis Sayles & Co. L P acquired a new position in shares of Eastman Chemical during the second quarter worth about $33,000. Financial Consulate Inc. purchased a new position in Eastman Chemical during the third quarter worth about $42,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in Eastman Chemical in the third quarter valued at about $44,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on EMN. Mizuho dropped 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. Weiss Ratings raised Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. KeyCorp reduced their target price on Eastman Chemical from $76.00 to $74.00 and set an “overweight” rating for the company in a report on Friday, January 9th. Citigroup boosted their target price on shares of Eastman Chemical from $72.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, January 15th. Finally, Evercore ISI cut 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 report on Tuesday, November 11th. Six investment analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $78.54.

Eastman Chemical Trading Down 3.7%

Shares of EMN stock opened at $66.15 on Wednesday. The stock has a market cap of $7.55 billion, a P/E ratio of 11.04, a P/E/G ratio of 6.74 and a beta of 1.23. 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 Company has a fifty-two week low of $56.11 and a fifty-two week high of $103.82. The business has a fifty day simple moving average of $63.42 and a 200-day simple moving average of $65.58.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 EPS 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% on a year-over-year basis. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were issued a dividend of $0.84 per share. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date was Monday, December 15th. This represents a $3.36 dividend on an annualized basis and a yield of 5.1%. Eastman Chemical’s payout ratio is currently 56.09%.

Eastman Chemical Company 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.