QSM Asset Management Ltd Boosts Holdings in Eastman Chemical Company $EMN

QSM Asset Management Ltd grew its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 76.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 94,708 shares of the basic materials company’s stock after acquiring an additional 40,897 shares during the period. Eastman Chemical comprises approximately 4.2% of QSM Asset Management Ltd’s holdings, making the stock its 11th largest position. QSM Asset Management Ltd owned about 0.08% of Eastman Chemical worth $5,879,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Eastman Chemical by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock worth $1,094,485,000 after buying an additional 79,988 shares in the last quarter. Invesco Ltd. lifted its holdings in Eastman Chemical by 6.8% in the 2nd quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock worth $223,509,000 after purchasing an additional 191,461 shares in the last quarter. Geode Capital Management LLC boosted its stake in Eastman Chemical by 1.4% in the 2nd quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company’s stock worth $220,252,000 after purchasing an additional 39,510 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Eastman Chemical by 5.6% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,934,952 shares of the basic materials company’s stock worth $219,124,000 after purchasing an additional 155,574 shares during the period. Finally, Bank of America Corp DE grew its holdings in Eastman Chemical by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company’s stock valued at $184,909,000 after buying an additional 143,323 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EMN. Royal Bank Of Canada set a $71.00 price target on shares of Eastman Chemical in a report on Tuesday, October 14th. Mizuho reduced their price objective on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, October 3rd. Evercore ISI decreased their price objective on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a report on Tuesday, November 11th. Bank of America cut their target price on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a report on Tuesday, October 14th. Finally, Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and an average price target of $78.77.

Eastman Chemical Stock Performance

Shares of NYSE:EMN opened at $62.86 on Friday. The company has a current ratio of 1.76, a quick ratio of 0.86 and a debt-to-equity ratio of 0.82. 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 $7.17 billion, a price-to-earnings ratio of 10.49, a PEG ratio of 6.79 and a beta of 1.24. The firm’s 50-day moving average is $61.46 and its 200 day moving average is $67.06.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.04). The firm had revenue of $2.20 billion during the quarter, compared to the consensus estimate 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 previous year, the business earned $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Monday, December 15th will be given a $0.84 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Monday, December 15th. This represents a $3.36 annualized dividend and a yield of 5.3%. Eastman Chemical’s dividend 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.