QSM Asset Management Ltd Increases Stock Position in Eastman Chemical Company $EMN

QSM Asset Management Ltd grew its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 27.0% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 120,258 shares of the basic materials company’s stock after buying an additional 25,550 shares during the period. Eastman Chemical makes up 4.4% of QSM Asset Management Ltd’s investment portfolio, making the stock its 11th largest position. QSM Asset Management Ltd’s holdings in Eastman Chemical were worth $7,676,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of EMN. MUFG Securities EMEA plc purchased a new position in Eastman Chemical during the 2nd quarter valued at about $25,000. Loomis Sayles & Co. L P purchased a new stake in Eastman Chemical in the second quarter worth about $33,000. Rothschild Investment LLC increased its stake in shares of Eastman Chemical by 65.6% during the third quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 229 shares in the last quarter. Financial Consulate Inc. bought a new position in shares of Eastman Chemical during the third quarter valued at approximately $42,000. Finally, Heartwood Wealth Advisors LLC purchased a new position in shares of Eastman Chemical during the third quarter valued at approximately $44,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Trading Up 1.9%

NYSE:EMN opened at $72.59 on Tuesday. The stock has a market cap of $8.28 billion, a price-to-earnings ratio of 17.75, a PEG ratio of 1.58 and a beta of 1.20. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. The company’s 50 day moving average price is $73.09 and its 200-day moving average price is $66.47. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $88.73.

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 firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.Eastman Chemical’s revenue was down 12.1% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.87 earnings per share. On average, equities research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be paid a $0.84 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.6%. Eastman Chemical’s payout ratio is currently 82.15%.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. Royal Bank Of Canada reissued a “sector perform” rating and issued a $79.00 price target on shares of Eastman Chemical in a research report on Wednesday, February 4th. Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price objective on shares of Eastman Chemical in a research note on Friday, December 19th. Evercore set a $75.00 target price on Eastman Chemical in a report on Wednesday, February 18th. Citigroup increased their target price on Eastman Chemical from $78.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Finally, JPMorgan Chase & Co. raised their price target on Eastman Chemical from $60.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical has an average rating of “Hold” and a consensus price target of $79.64.

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.