Earnest Partners LLC Trims Stock Position in Eastman Chemical Company $EMN

Earnest Partners LLC lowered its stake in Eastman Chemical Company (NYSE:EMN) by 0.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,234,973 shares of the basic materials company’s stock after selling 19,384 shares during the quarter. Earnest Partners LLC’s holdings in Eastman Chemical were worth $140,915,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in EMN. Brevan Howard Capital Management LP lifted its position in shares of Eastman Chemical by 632.2% during the third quarter. Brevan Howard Capital Management LP now owns 30,626 shares of the basic materials company’s stock worth $1,931,000 after purchasing an additional 26,443 shares in the last quarter. Calydon Capital grew its stake in shares of Eastman Chemical by 17.3% during the third quarter. Calydon Capital now owns 76,649 shares of the basic materials company’s stock worth $4,833,000 after purchasing an additional 11,320 shares in the last quarter. Banco Bilbao Vizcaya Argentaria S.A. raised its position in shares of Eastman Chemical by 3.7% during the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 26,656 shares of the basic materials company’s stock worth $1,681,000 after acquiring an additional 951 shares in the last quarter. California Public Employees Retirement System boosted its holdings in shares of Eastman Chemical by 3.3% in the 3rd quarter. California Public Employees Retirement System now owns 214,829 shares of the basic materials company’s stock valued at $13,545,000 after buying an additional 6,851 shares in the last quarter. Finally, Bank of Nova Scotia boosted its stake in Eastman Chemical by 65.3% in the third quarter. Bank of Nova Scotia now owns 13,006 shares of the basic materials company’s stock valued at $820,000 after acquiring an additional 5,140 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Trading Down 1.9%

Shares of 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. Eastman Chemical Company has a twelve month low of $56.11 and a twelve month high of $92.19. The firm has a market capitalization of $7.90 billion, a P/E ratio of 16.93, a price-to-earnings-growth ratio of 1.53 and a beta of 1.20. The stock’s fifty day simple moving average is $72.71 and its 200 day simple moving average is $66.37.

Eastman Chemical (NYSE:EMN) last released 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 net margin of 5.42% and a return on equity of 10.57%. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period last year, the business earned $1.87 earnings per share. On average, equities research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

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

Analyst Upgrades and Downgrades

EMN has been the subject of a number of recent research reports. Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research note on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Wells Fargo & Company reissued an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a report on Friday, December 19th. Citigroup boosted their price target on shares of Eastman Chemical from $78.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and an average target price of $79.64.

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.