Envestnet Portfolio Solutions Inc. Boosts Position in Eastman Chemical Company $EMN

Envestnet Portfolio Solutions Inc. raised its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 168.3% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 194,740 shares of the basic materials company’s stock after buying an additional 122,159 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Eastman Chemical were worth $12,278,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Covestor Ltd lifted its position in Eastman Chemical by 18.9% during the third quarter. Covestor Ltd now owns 2,204 shares of the basic materials company’s stock valued at $139,000 after purchasing an additional 351 shares during the period. Locust Wood Capital Advisers LLC purchased a new position in shares of Eastman Chemical during the 3rd quarter valued at about $687,000. Tradewinds LLC. purchased a new position in shares of Eastman Chemical during the 3rd quarter valued at about $215,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Eastman Chemical by 10.9% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 18,977 shares of the basic materials company’s stock valued at $1,183,000 after buying an additional 1,868 shares during the period. Finally, Sequoia Financial Advisors LLC grew its holdings in Eastman Chemical by 50.2% during the third quarter. Sequoia Financial Advisors LLC now owns 8,589 shares of the basic materials company’s stock worth $542,000 after acquiring an additional 2,870 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on EMN shares. Royal Bank Of Canada lowered Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their price objective for the stock from $74.00 to $70.00 in a research report on Friday, January 16th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Eastman Chemical in a research note on Wednesday. Bank of America dropped their price target on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. KeyCorp cut their price objective on shares of Eastman Chemical from $76.00 to $74.00 and set an “overweight” rating for the company in a report on Friday, January 9th. Finally, Wells Fargo & Company reissued an “equal weight” rating and set a $70.00 target price on shares of Eastman Chemical in a research note on Friday, December 19th. Six research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $78.54.

Eastman Chemical Stock Performance

NYSE:EMN opened at $68.68 on Friday. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. The stock has a market capitalization of $7.83 billion, a PE ratio of 11.46, a P/E/G ratio of 6.77 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 fifty day moving average of $63.86 and a two-hundred day moving average of $65.56.

Eastman Chemical (NYSE:EMN) last released its earnings results 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). The company had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.The firm’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. As a group, research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

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