Thrivent Financial for Lutherans Decreases Stake in Eastman Chemical Company $EMN

Thrivent Financial for Lutherans reduced its stake in shares of Eastman Chemical Company (NYSE:EMN) by 39.9% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 498,733 shares of the basic materials company’s stock after selling 330,886 shares during the quarter. Thrivent Financial for Lutherans’ holdings in Eastman Chemical were worth $37,235,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. MUFG Securities EMEA plc purchased a new position in Eastman Chemical in the 2nd quarter worth $25,000. MassMutual Private Wealth & Trust FSB grew its stake in Eastman Chemical by 65.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 146 shares during the last quarter. Ameritas Advisory Services LLC acquired a new position in shares of Eastman Chemical in the second quarter valued at about $32,000. Loomis Sayles & Co. L P purchased a new position in shares of Eastman Chemical in the second quarter worth about $33,000. Finally, National Pension Service lifted its holdings in shares of Eastman Chemical by 75.3% during the first quarter. National Pension Service now owns 433 shares of the basic materials company’s stock worth $38,000 after purchasing an additional 186 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on EMN shares. Citigroup raised their price target on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Wells Fargo & Company reduced their target price on shares of Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Mizuho decreased their target price on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a research report on Friday, October 3rd. Bank of America cut their price target on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Finally, Weiss Ratings raised Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $78.62.

Eastman Chemical Stock Down 1.7%

EMN stock opened at $64.00 on Tuesday. Eastman Chemical Company has a one year low of $56.11 and a one year 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 firm’s fifty day moving average is $61.03 and its 200 day moving average is $67.79. The firm has a market cap of $7.30 billion, a PE ratio of 10.68, a P/E/G ratio of 6.97 and a beta of 1.24.

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

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Monday, December 15th will be given a dividend of $0.84 per share. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a yield of 5.3%. The ex-dividend date is Monday, December 15th. Eastman Chemical’s dividend payout ratio (DPR) is currently 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.