Wedge Capital Management L L P NC Acquires 33,441 Shares of Eastman Chemical Company $EMN

Wedge Capital Management L L P NC raised its stake in shares of Eastman Chemical Company (NYSE:EMN) by 26.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 158,514 shares of the basic materials company’s stock after purchasing an additional 33,441 shares during the period. Wedge Capital Management L L P NC owned 0.14% of Eastman Chemical worth $9,994,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of EMN. CX Institutional lifted its position in Eastman Chemical by 10.6% in the second quarter. CX Institutional now owns 1,339 shares of the basic materials company’s stock worth $100,000 after buying an additional 128 shares during the last quarter. Wesbanco Bank Inc. boosted its stake in shares of Eastman Chemical by 3.3% during the 2nd quarter. Wesbanco Bank Inc. now owns 4,109 shares of the basic materials company’s stock worth $307,000 after purchasing an additional 130 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in Eastman Chemical by 65.5% during the 2nd 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 last quarter. Amalgamated Bank raised its position in Eastman Chemical by 0.8% in the 2nd quarter. Amalgamated Bank now owns 22,291 shares of the basic materials company’s stock worth $1,664,000 after purchasing an additional 168 shares during the period. Finally, NewEdge Advisors LLC boosted its position in shares of Eastman Chemical by 2.6% during the first quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock valued at $644,000 after buying an additional 183 shares during the period. Institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Mizuho reduced their price target on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a report on Friday, October 3rd. Royal Bank Of Canada set a $71.00 target price on Eastman Chemical in a research note on Tuesday, October 14th. Evercore ISI lowered their target price on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research note on Tuesday, November 11th. UBS Group reduced their price target on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Finally, Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and an average target price of $78.77.

Eastman Chemical Stock Performance

Shares of EMN opened at $63.56 on Monday. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $103.82. The stock has a fifty day moving average price of $61.26 and a 200-day moving average price of $67.34. 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 firm has a market cap of $7.25 billion, a PE ratio of 10.61, a P/E/G ratio of 6.87 and a beta of 1.24.

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 during the quarter, compared to analyst estimates 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 quarter last year, the business earned $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Equities research analysts predict 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 will be paid on Thursday, January 8th. Shareholders of record on Monday, December 15th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, December 15th. This represents a $3.36 dividend on an annualized basis and a yield of 5.3%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s payout ratio is presently 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.