Voya Investment Management LLC Has $1.64 Million Stake in Eastman Chemical Company $EMN

Voya Investment Management LLC cut its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 71.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 26,065 shares of the basic materials company’s stock after selling 65,516 shares during the quarter. Voya Investment Management LLC’s holdings in Eastman Chemical were worth $1,643,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. lifted its holdings in Eastman Chemical by 0.5% during the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock valued at $1,094,485,000 after purchasing an additional 79,988 shares during the last quarter. Invesco Ltd. raised its position in shares of Eastman Chemical by 6.8% in the second quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock valued at $223,509,000 after purchasing an additional 191,461 shares during the period. Geode Capital Management LLC raised its position in shares of Eastman Chemical by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company’s stock valued at $220,252,000 after purchasing an additional 39,510 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Eastman Chemical by 5.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,934,952 shares of the basic materials company’s stock worth $219,124,000 after buying an additional 155,574 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Eastman Chemical by 6.1% during the 2nd quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company’s stock worth $184,909,000 after buying an additional 143,323 shares during the period. Institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. Bank of America lowered their price target on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a report on Tuesday, October 14th. Royal Bank Of Canada set a $71.00 target price on Eastman Chemical 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. UBS Group reduced their price target on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price objective on shares of Eastman Chemical in a research report on Friday, December 19th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.77.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $63.68 on Tuesday. The firm has a market cap of $7.26 billion, a PE ratio of 10.63, a price-to-earnings-growth ratio of 6.86 and a beta of 1.24. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86. The stock’s fifty day moving average price is $61.55 and its two-hundred day moving average price is $66.65. Eastman Chemical Company has a one year low of $56.11 and a one year high of $103.82.

Eastman Chemical (NYSE:EMN) last released its earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.04). Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.The company had revenue of $2.20 billion for the quarter, compared to analyst estimates of $2.28 billion. During the same period last year, the company posted $2.26 earnings per share. The business’s revenue for the quarter 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. As a group, research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Monday, December 15th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 5.3%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Monday, December 15th. Eastman Chemical’s payout ratio is 56.09%.

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.