QSM Asset Management Ltd Buys 40,897 Shares of Eastman Chemical Company $EMN

QSM Asset Management Ltd boosted its stake in shares of Eastman Chemical Company (NYSE:EMN) by 76.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,708 shares of the basic materials company’s stock after buying an additional 40,897 shares during the quarter. Eastman Chemical makes up 4.2% of QSM Asset Management Ltd’s portfolio, making the stock its 11th largest position. QSM Asset Management Ltd’s holdings in Eastman Chemical were worth $5,879,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in EMN. Norges Bank purchased a new position in shares of Eastman Chemical during the second quarter worth approximately $121,060,000. Qube Research & Technologies Ltd grew its stake in Eastman Chemical by 1,456.4% in the second quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company’s stock worth $52,881,000 after purchasing an additional 662,783 shares in the last quarter. Ilex Capital Partners UK LLP purchased a new position in Eastman Chemical during the 2nd quarter worth $42,547,000. Miller Howard Investments Inc. NY bought a new stake in Eastman Chemical during the 2nd quarter valued at $26,212,000. Finally, Atlantic Investment Management Inc. purchased a new stake in shares of Eastman Chemical in the 1st quarter worth $22,167,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 0.6%

NYSE EMN opened at $62.86 on Friday. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $103.82. The company has a 50 day moving average price of $61.46 and a 200 day moving average price of $67.06. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. The firm has a market cap of $7.17 billion, a PE ratio of 10.49, a price-to-earnings-growth ratio of 6.79 and a beta of 1.24.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share 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 analyst estimates of $2.28 billion. Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. Eastman Chemical’s revenue 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. As a group, sell-side analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors 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 annualized dividend and a yield of 5.3%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio is currently 56.09%.

Wall Street Analyst Weigh In

EMN has been the subject of several recent research reports. Citigroup lifted their price objective on Eastman Chemical from $70.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, December 18th. UBS Group lowered their price target on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Royal Bank Of Canada set a $71.00 price objective on shares of Eastman Chemical in a report on Tuesday, October 14th. Evercore ISI lowered their target price on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a report on Tuesday, November 11th. Finally, Bank of America dropped their target price on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Seven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $78.77.

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.