Bryce Point Capital LLC Invests $571,000 in Eastman Chemical Company $EMN

Bryce Point Capital LLC acquired a new stake in Eastman Chemical Company (NYSE:EMN) in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm acquired 9,062 shares of the basic materials company’s stock, valued at approximately $571,000.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Eastman Chemical during the second quarter valued at approximately $121,060,000. Allspring Global Investments Holdings LLC increased its position in shares of Eastman Chemical by 1,011.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 943,975 shares of the basic materials company’s stock valued at $58,489,000 after purchasing an additional 859,046 shares during the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Eastman Chemical by 1,456.4% during the 2nd 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 purchased a new position in shares of Eastman Chemical in the 2nd quarter worth about $42,547,000. Finally, First Trust Advisors LP grew its position in Eastman Chemical by 96.7% during the second quarter. First Trust Advisors LP now owns 438,804 shares of the basic materials company’s stock valued at $32,761,000 after buying an additional 215,679 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

NYSE EMN opened at $78.49 on Tuesday. The company has a fifty day moving average of $66.86 and a 200-day moving average of $64.92. Eastman Chemical Company has a 52-week low of $56.11 and a 52-week high of $103.82. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76. The company has a market capitalization of $8.95 billion, a P/E ratio of 19.19, a P/E/G ratio of 1.70 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The company’s revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.87 earnings per share. As a group, equities research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 4.3%. The ex-dividend date of this dividend was Monday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio is currently 82.15%.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of research reports. JPMorgan Chase & Co. increased their target price on shares of Eastman Chemical from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. UBS Group decreased their target price on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. KeyCorp restated an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Evercore cut their price target on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research note on Tuesday, November 11th. Finally, Bank of America boosted their price objective on Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and a consensus target price of $78.86.

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.