Eastman Chemical Company $EMN Shares Acquired by Kornitzer Capital Management Inc. KS

Kornitzer Capital Management Inc. KS lifted its position in Eastman Chemical Company (NYSE:EMN) by 9.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 162,617 shares of the basic materials company’s stock after acquiring an additional 14,259 shares during the period. Kornitzer Capital Management Inc. KS owned 0.14% of Eastman Chemical worth $10,253,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Analyst Ratings Changes

EMN has been the topic of several recent research reports. Wells Fargo & Company reissued an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a research report on Friday, December 19th. Mizuho dropped their price target on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Eastman Chemical in a research report on Wednesday, January 21st. Royal Bank Of Canada cut Eastman Chemical from an “outperform” rating to a “sector perform” rating and cut their target price for the stock from $74.00 to $70.00 in a research note on Friday, January 16th. Finally, Evercore ISI decreased their price target on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a research note 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.com, Eastman Chemical presently has an average rating of “Hold” and an average price target of $78.54.

Eastman Chemical Stock Up 0.2%

Shares of EMN opened at $68.83 on Tuesday. 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 $7.85 billion, a PE ratio of 11.49, a P/E/G ratio of 6.75 and a beta of 1.23. The company’s 50-day simple moving average is $64.09 and its 200-day simple moving average is $65.26. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $103.82.

Eastman Chemical (NYSE:EMN) last released its earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.04). The business had revenue of $2.20 billion for 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%.Eastman Chemical’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $2.26 earnings per share. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. 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 declared 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 positive change from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date was Monday, December 15th. This represents a $3.36 annualized dividend and a yield of 4.9%. Eastman Chemical’s dividend payout ratio (DPR) 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.