Earnest Partners LLC Trims Position in Eastman Chemical Company $EMN

Earnest Partners LLC decreased its position in shares of Eastman Chemical Company (NYSE:EMN) by 0.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,234,973 shares of the basic materials company’s stock after selling 19,384 shares during the quarter. Earnest Partners LLC owned approximately 1.96% of Eastman Chemical worth $140,915,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of EMN. MUFG Securities EMEA plc purchased a new position in shares of Eastman Chemical in the second quarter valued at about $25,000. Loomis Sayles & Co. L P purchased a new position in Eastman Chemical in the 2nd quarter worth approximately $33,000. Rothschild Investment LLC boosted its stake in Eastman Chemical by 65.6% in the 3rd quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 229 shares during the period. Financial Consulate Inc. purchased a new stake in Eastman Chemical during the 3rd quarter valued at approximately $42,000. Finally, Heartwood Wealth Advisors LLC bought a new stake in shares of Eastman Chemical during the third quarter valued at approximately $44,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on EMN shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. lifted their price target on Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. Bank of America increased their target price on shares of Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a report on Monday, February 2nd. Finally, Evercore set a $75.00 price objective on shares of Eastman Chemical in a report on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat, Eastman Chemical has a consensus rating of “Hold” and an average price target of $79.64.

Eastman Chemical Trading Down 1.9%

NYSE:EMN opened at $69.23 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. The firm has a fifty day simple moving average of $72.71 and a 200-day simple moving average of $66.37. The company has a market capitalization of $7.90 billion, a P/E ratio of 16.93, a PEG ratio of 1.53 and a beta of 1.20. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $92.19.

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

Eastman Chemical Announces Dividend

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

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.