Sumitomo Mitsui Trust Group Inc. Decreases Stake in Eastman Chemical Company $EMN

Sumitomo Mitsui Trust Group Inc. lowered its position in shares of Eastman Chemical Company (NYSE:EMN) by 83.9% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,826 shares of the basic materials company’s stock after selling 30,286 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Eastman Chemical were worth $367,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently modified their holdings of EMN. Norges Bank purchased a new position in Eastman Chemical in the second quarter worth $121,060,000. Allspring Global Investments Holdings LLC boosted its holdings in shares of Eastman Chemical by 1,011.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 943,975 shares of the basic materials company’s stock worth $58,489,000 after buying an additional 859,046 shares during the last quarter. Qube Research & Technologies Ltd grew its position in Eastman Chemical by 1,456.4% during the second quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company’s stock valued at $52,881,000 after buying an additional 662,783 shares during the period. Ilex Capital Partners UK LLP purchased a new stake in Eastman Chemical during the second quarter worth about $42,547,000. Finally, First Trust Advisors LP raised its position in Eastman Chemical by 96.7% in the second quarter. First Trust Advisors LP now owns 438,804 shares of the basic materials company’s stock worth $32,761,000 after acquiring an additional 215,679 shares during the period. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Trading Down 3.7%

NYSE:EMN opened at $66.15 on Wednesday. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $103.82. The stock’s fifty day moving average price is $63.42 and its two-hundred day moving average price is $65.58. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86. The company has a market cap of $7.55 billion, a P/E ratio of 11.04, a P/E/G ratio of 6.74 and a beta of 1.23.

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

Eastman Chemical Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Monday, December 15th were issued a $0.84 dividend. 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. This represents a $3.36 dividend on an annualized basis and a dividend yield of 5.1%. Eastman Chemical’s payout ratio is currently 56.09%.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on the stock. Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Royal Bank Of Canada lowered Eastman Chemical from an “outperform” rating to a “sector perform” rating and reduced their price objective for the company from $74.00 to $70.00 in a report on Friday, January 16th. Bank of America decreased their target price on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating for the company in a research report on Tuesday, October 14th. UBS Group dropped their price target on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, November 5th. Finally, Evercore ISI 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. Six equities research analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $78.54.

Eastman Chemical 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.