Bryce Point Capital LLC Takes Position in Eastman Chemical Company $EMN

Bryce Point Capital LLC bought a new position in shares of Eastman Chemical Company (NYSE:EMN) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 9,062 shares of the basic materials company’s stock, valued at approximately $571,000.

A number of other large investors have also recently added to or reduced their stakes in EMN. Norges Bank bought a new stake in Eastman Chemical in the 2nd quarter valued at $121,060,000. Allspring Global Investments Holdings LLC increased its holdings in shares of Eastman Chemical by 1,011.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 943,975 shares of the basic materials company’s stock valued at $58,489,000 after purchasing an additional 859,046 shares during the last quarter. Qube Research & Technologies Ltd raised its position in shares of Eastman Chemical by 1,456.4% in the second quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company’s stock valued at $52,881,000 after purchasing an additional 662,783 shares during the period. Ilex Capital Partners UK LLP acquired a new stake in shares of Eastman Chemical during the 2nd quarter worth about $42,547,000. Finally, First Trust Advisors LP boosted its holdings in shares of Eastman Chemical by 96.7% during the 2nd quarter. First Trust Advisors LP now owns 438,804 shares of the basic materials company’s stock worth $32,761,000 after buying an additional 215,679 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Up 1.4%

Shares of NYSE:EMN opened at $78.49 on Tuesday. Eastman Chemical Company has a 52-week low of $56.11 and a 52-week high of $103.82. The company has a market capitalization of $8.95 billion, a PE ratio of 19.19, a price-to-earnings-growth ratio of 1.70 and a beta of 1.23. 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 company has a fifty day moving average of $66.86 and a 200-day moving average of $64.92.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. The firm had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the company earned $1.87 EPS. The business’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, equities analysts predict that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were issued a $0.84 dividend. The ex-dividend date was Monday, December 15th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 annualized dividend and a yield of 4.3%. Eastman Chemical’s dividend payout ratio is currently 82.15%.

Analysts Set New Price Targets

A number of research analysts have commented on the company. JPMorgan Chase & Co. upped their price objective on Eastman Chemical from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Royal Bank Of Canada restated a “sector perform” rating and issued a $79.00 price target on shares of Eastman Chemical in a research note on Wednesday, February 4th. UBS Group dropped their price objective on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Weiss Ratings lowered shares of Eastman Chemical from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 4th. Finally, Bank of America lifted their price target on shares of Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and a consensus price target of $78.86.

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.