Massachusetts Financial Services Co. MA Sells 163,762 Shares of Eastman Chemical Company $EMN

Massachusetts Financial Services Co. MA lowered its position in shares of Eastman Chemical Company (NYSE:EMN) by 5.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,771,190 shares of the basic materials company’s stock after selling 163,762 shares during the period. Massachusetts Financial Services Co. MA owned 2.41% of Eastman Chemical worth $174,724,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Vontobel Holding Ltd. bought a new stake in Eastman Chemical during the second quarter valued at $392,000. Y Intercept Hong Kong Ltd boosted its position in shares of Eastman Chemical by 235.2% during the 2nd quarter. Y Intercept Hong Kong Ltd now owns 66,200 shares of the basic materials company’s stock valued at $4,942,000 after acquiring an additional 46,453 shares during the last quarter. Nisa Investment Advisors LLC grew its holdings in shares of Eastman Chemical by 19.2% during the second quarter. Nisa Investment Advisors LLC now owns 67,112 shares of the basic materials company’s stock worth $5,066,000 after purchasing an additional 10,813 shares in the last quarter. Bank of Montreal Can increased its position in shares of Eastman Chemical by 9.2% in the second quarter. Bank of Montreal Can now owns 472,384 shares of the basic materials company’s stock worth $35,268,000 after purchasing an additional 39,930 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Eastman Chemical by 0.5% in the second 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 in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on EMN shares. Royal Bank Of Canada downgraded Eastman Chemical from an “outperform” rating to a “sector perform” rating and lowered their price target for the company from $74.00 to $70.00 in a research report on Friday. 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. UBS Group dropped 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. Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Finally, Bank of America lowered their price target on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research note on Tuesday, October 14th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $78.54.

Eastman Chemical Trading Down 2.2%

NYSE:EMN opened at $68.67 on Tuesday. The company has a 50-day moving average price of $63.32 and a 200-day moving average price of $65.68. The stock has a market cap of $7.83 billion, a price-to-earnings ratio of 11.46, a P/E/G ratio of 6.74 and a beta of 1.23. The company has a current ratio of 1.76, a quick ratio of 0.86 and a debt-to-equity ratio of 0.82. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $103.82.

Eastman Chemical (NYSE:EMN) last issued its earnings results 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). The business had revenue of $2.20 billion during the quarter, compared to analysts’ expectations of $2.28 billion. Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.Eastman Chemical’s quarterly revenue was down 10.6% compared to the same quarter last year. During the same period last year, the firm posted $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Equities analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were given a $0.84 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Monday, December 15th. This represents a $3.36 dividend on an annualized basis and a yield of 4.9%. Eastman Chemical’s payout ratio is presently 56.09%.

Eastman Chemical Company Profile

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.