Stance Capital LLC Takes Position in Eastman Chemical Company $EMN

Stance Capital LLC acquired a new position in shares of Eastman Chemical Company (NYSE:EMN) during the second quarter, Holdings Channel reports. The fund acquired 12,797 shares of the basic materials company’s stock, valued at approximately $955,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in Eastman Chemical in the second quarter worth approximately $121,060,000. Qube Research & Technologies Ltd raised its position in shares of Eastman Chemical by 1,456.4% during 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 during the period. Ilex Capital Partners UK LLP bought a new position in shares of Eastman Chemical in the 2nd quarter worth $42,547,000. Miller Howard Investments Inc. NY acquired a new stake in Eastman Chemical in the 2nd quarter valued at $26,212,000. Finally, Nuveen LLC acquired a new position in Eastman Chemical during the first quarter worth $26,289,000. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. UBS Group reduced their price objective on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Bank of America dropped their price target on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Weiss Ratings raised Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. Wells Fargo & Company dropped their target price on Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Finally, Mizuho decreased their price target on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a report on Friday, October 3rd. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus target price of $78.62.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $65.27 on Monday. The stock has a market cap of $7.45 billion, a P/E ratio of 10.90, a P/E/G ratio of 6.97 and a beta of 1.24. 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 company’s 50 day moving average price is $61.02 and its two-hundred day moving average price is $67.91. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $103.82.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 EPS for the quarter, missing analysts’ consensus estimates of $1.18 by ($0.04). Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. The business had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the previous year, the business posted $2.26 earnings per share. The business’s revenue was down 10.6% compared to the same quarter last year. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, equities analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Monday, December 15th will be issued a $0.84 dividend. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Monday, December 15th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 5.1%. Eastman Chemical’s payout ratio is presently 55.43%.

Eastman Chemical Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.