DDD Partners LLC Takes $15.43 Million Position in Eastman Chemical Company $EMN

Key Points

• DDD Partners LLC purchased a new stake of 241,662 shares in Eastman Chemical (NYSE:EMN) valued at approximately $15.43 million, representing about 0.21% of the company.
• Eastman missed Q4 expectations with $0.75 EPS vs. $0.76 estimate and reported revenue of $1.97 billion (down 12.1% year-over-year); the company has a market cap of $8.31 billion and a P/E of 17.8.
• Eastman pays a quarterly dividend of $0.84 (annualized $3.36) for a 4.6% yield

DDD Partners LLC purchased a new stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 241,662 shares of the basic materials company's stock, valued at approximately $15,425,000. DDD Partners LLC owned approximately 0.21% of Eastman Chemical at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. State Street Corp raised its stake in shares of Eastman Chemical by 24.3% in the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company's stock valued at $363,314,000 after acquiring an additional 1,112,391 shares in the last quarter. Allspring Global Investments Holdings LLC raised its stake in shares of Eastman Chemical by 97.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company's stock valued at $119,672,000 after acquiring an additional 916,023 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Eastman Chemical by 1,456.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company's stock valued at $52,881,000 after acquiring an additional 662,783 shares in the last quarter. DAVENPORT & Co LLC bought a new position in shares of Eastman Chemical in the 4th quarter valued at approximately $39,545,000. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Eastman Chemical by 576.0% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 707,304 shares of the basic materials company's stock valued at $44,596,000 after acquiring an additional 602,677 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of NYSE EMN opened at $72.81 on Friday. 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 business's 50 day moving average is $74.09 and its two-hundred day moving average is $66.95. The company has a market cap of $8.31 billion, a P/E ratio of 17.80, a P/E/G ratio of 1.62 and a beta of 1.16. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $84.18.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the prior year, the firm earned $1.87 earnings per share. The business's quarterly revenue was down 12.1% on a year-over-year basis. On average, equities analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th were issued a dividend of $0.84 per share. The ex-dividend date was Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.6%. Eastman Chemical's payout ratio is presently 82.15%.

Analysts Set New Price Targets

EMN has been the topic of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft raised their price objective on Eastman Chemical from $64.00 to $72.00 and gave the company a "hold" rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. lifted their target price on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an "overweight" rating in a report on Monday, February 2nd. Bank of America lifted their target price on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a "buy" rating in a report on Monday, February 2nd. Wells Fargo & Company reiterated an "equal weight" rating and issued a $70.00 target price on shares of Eastman Chemical in a report on Friday, December 19th. Finally, Royal Bank Of Canada reiterated a "sector perform" rating and issued a $79.00 target price on shares of Eastman Chemical in a report on Wednesday, February 4th. Seven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, Eastman Chemical presently has a consensus rating of "Hold" and a consensus target price of $79.31.

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.

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