Invenomic Capital Management LP Raises Stock Position in Eastman Chemical Company $EMN

Invenomic Capital Management LP lifted its stake in shares of Eastman Chemical Company (NYSE:EMN) by 119.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 131,690 shares of the basic materials company’s stock after acquiring an additional 71,794 shares during the period. Invenomic Capital Management LP owned 0.12% of Eastman Chemical worth $8,303,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. Vanguard Group Inc. raised its holdings in shares of Eastman Chemical by 0.5% during the second quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock worth $1,094,485,000 after acquiring an additional 79,988 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Eastman Chemical by 14.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company’s stock worth $255,515,000 after purchasing an additional 509,290 shares during the period. Invesco Ltd. raised its position in shares of Eastman Chemical by 6.8% during the second quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock valued at $223,509,000 after buying an additional 191,461 shares during the last quarter. Geode Capital Management LLC grew its position in Eastman Chemical by 1.4% during the second quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company’s stock worth $220,252,000 after buying an additional 39,510 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Eastman Chemical by 5.6% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,934,952 shares of the basic materials company’s stock valued at $219,124,000 after acquiring an additional 155,574 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of analyst reports. Royal Bank Of Canada reissued a “sector perform” rating and issued a $79.00 target price on shares of Eastman Chemical in a research note on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft lifted their price objective on Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a report on Monday, February 2nd. Weiss Ratings raised Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a report on Wednesday, February 18th. Zacks Research upgraded Eastman Chemical from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Finally, Evercore set a $75.00 price target on Eastman Chemical in a research note on Wednesday, February 18th. Seven equities research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $79.64.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $69.23 on Monday. The stock has a market cap of $7.90 billion, a price-to-earnings ratio of 16.93, a P/E/G ratio of 1.53 and a beta of 1.20. The business’s 50-day simple moving average is $72.71 and its 200 day simple moving average is $66.36. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $92.19.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The firm had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the business posted $1.87 earnings per share. The business’s revenue for the quarter was down 12.1% compared to the same quarter last year. As a group, research analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be given a $0.84 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.9%. Eastman Chemical’s dividend payout ratio (DPR) is 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.