Invenomic Capital Management LP Raises Stock Holdings in Eastman Chemical Company $EMN

Invenomic Capital Management LP increased its holdings in Eastman Chemical Company (NYSE:EMN) by 119.9% in the third quarter, Holdings Channel.com reports. The firm owned 131,690 shares of the basic materials company’s stock after acquiring an additional 71,794 shares during the period. Invenomic Capital Management LP’s holdings in Eastman Chemical were worth $8,303,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in EMN. Thrivent Financial for Lutherans increased its position in Eastman Chemical by 4.9% during the third quarter. Thrivent Financial for Lutherans now owns 523,191 shares of the basic materials company’s stock valued at $32,987,000 after acquiring an additional 24,458 shares during the last quarter. Vanguard Group Inc. raised its position in shares of Eastman Chemical by 0.5% during 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 purchasing an additional 79,988 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Eastman Chemical by 65.5% during the 3rd quarter. Federated Hermes Inc. now owns 109,042 shares of the basic materials company’s stock valued at $6,875,000 after buying an additional 43,159 shares during the period. Mediolanum International Funds Ltd raised its position in shares of Eastman Chemical by 9.7% during the 2nd quarter. Mediolanum International Funds Ltd now owns 90,443 shares of the basic materials company’s stock valued at $6,893,000 after acquiring an additional 7,999 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its stake in Eastman Chemical by 26.7% during the 3rd quarter. Wedge Capital Management L L P NC now owns 158,514 shares of the basic materials company’s stock valued at $9,994,000 after buying an additional 33,441 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Down 1.9%

Eastman Chemical stock opened at $69.23 on Monday. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $92.19. The business has a 50 day moving average price of $72.71 and a two-hundred day moving average price of $66.36. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. The stock has a market cap of $7.90 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.53 and a beta of 1.20.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the business posted $1.87 earnings per share. Eastman Chemical’s revenue was down 12.1% compared to the same quarter last year. As a group, equities analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be given a $0.84 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.9%. Eastman Chemical’s payout ratio is currently 82.15%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the stock. Royal Bank Of Canada reissued a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a report on Friday, December 19th. Evercore set a $75.00 price target on Eastman Chemical in a report on Wednesday, February 18th. JPMorgan Chase & Co. lifted their price target on shares of Eastman Chemical from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Finally, Zacks Research raised shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Seven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $79.64.

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.