QSM Asset Management Ltd Increases Stake in Eastman Chemical Company $EMN

QSM Asset Management Ltd lifted its stake in Eastman Chemical Company (NYSE:EMN) by 27.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 120,258 shares of the basic materials company’s stock after buying an additional 25,550 shares during the period. Eastman Chemical makes up approximately 4.4% of QSM Asset Management Ltd’s holdings, making the stock its 11th largest holding. QSM Asset Management Ltd owned about 0.11% of Eastman Chemical worth $7,676,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Goelzer Investment Management Inc. increased its stake in shares of Eastman Chemical by 49.9% in the fourth quarter. Goelzer Investment Management Inc. now owns 30,664 shares of the basic materials company’s stock worth $1,957,000 after buying an additional 10,211 shares during the period. DAVENPORT & Co LLC purchased a new stake in Eastman Chemical during the 4th quarter valued at $39,545,000. First Heartland Consultants Inc. bought a new stake in Eastman Chemical in the 4th quarter worth $249,000. SG Americas Securities LLC increased its position in shares of Eastman Chemical by 288.4% in the fourth quarter. SG Americas Securities LLC now owns 32,525 shares of the basic materials company’s stock valued at $2,076,000 after acquiring an additional 24,151 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Eastman Chemical by 24.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,657 shares of the basic materials company’s stock valued at $1,616,000 after acquiring an additional 4,680 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on EMN shares. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a report on Monday, February 2nd. Wells Fargo & Company restated an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a report on Friday, December 19th. Weiss Ratings raised Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research report on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft increased their price objective on Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a report on Monday, February 2nd. Finally, Evercore set a $75.00 target price on Eastman Chemical in a research note on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $79.64.

Eastman Chemical Trading Up 1.9%

Shares of EMN opened at $72.59 on Tuesday. Eastman Chemical Company has a 1-year low of $56.11 and a 1-year high of $88.73. 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’s 50-day moving average price is $73.09 and its 200-day moving average price is $66.47. The firm has a market capitalization of $8.28 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 1.58 and a beta of 1.20.

Eastman Chemical (NYSE:EMN) last issued 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 company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business’s quarterly revenue was down 12.1% on a year-over-year basis. During the same quarter last year, the business earned $1.87 earnings per share. Sell-side analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

About Eastman Chemical

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.