HITE Hedge Asset Management LLC Takes Position in Eastman Chemical Company $EMN

Key Points

• HITE Hedge Asset Management LLC has acquired 53,930 shares of Eastman Chemical Company, valued at approximately $4.75 million, as part of its new investment strategy.
• Eastman Chemical reported a missed EPS estimate of $1.60 for the latest quarter, underperforming the expected $1.72, along with a 3.2% year-over-year revenue decline.
• The company announced a quarterly dividend of $0.83, reflecting an annualized payment of $3.32 and a dividend yield of 5.0%.

HITE Hedge Asset Management LLC acquired a new stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 53,930 shares of the basic materials company's stock, valued at approximately $4,752,000.

Other hedge funds also recently bought and sold shares of the company. National Pension Service raised its position in shares of Eastman Chemical by 75.3% in the 1st quarter. National Pension Service now owns 433 shares of the basic materials company's stock worth $38,000 after acquiring an additional 186 shares in the last quarter. Orion Capital Management LLC purchased a new position in Eastman Chemical in the fourth quarter valued at about $47,000. TD Private Client Wealth LLC raised its holdings in Eastman Chemical by 46.4% in the first quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company's stock worth $47,000 after purchasing an additional 170 shares in the last quarter. Wayfinding Financial LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter valued at $50,000. Finally, Johnson Financial Group Inc. increased its holdings in shares of Eastman Chemical by 68.5% during the fourth quarter. Johnson Financial Group Inc. now owns 556 shares of the basic materials company's stock valued at $55,000 after acquiring an additional 226 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Price Performance

Shares of EMN stock traded up $3.4420 during trading hours on Friday, hitting $69.4520. 1,397,348 shares of the company's stock were exchanged, compared to its average volume of 2,046,609. Eastman Chemical Company has a fifty-two week low of $56.78 and a fifty-two week high of $114.50. The firm has a market cap of $7.98 billion, a P/E ratio of 9.75, a P/E/G ratio of 6.31 and a beta of 1.21. The company has a quick ratio of 0.78, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. The firm has a 50 day moving average of $73.04 and a two-hundred day moving average of $81.46.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing analysts' consensus estimates of $1.72 by ($0.12). Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The company had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.32 billion. During the same period in the prior year, the firm earned $2.15 EPS. The firm's revenue for the quarter was down 3.2% on a year-over-year basis. Eastman Chemical has set its Q3 2025 guidance at 1.250-1.250 EPS. Sell-side analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Stockholders of record on Monday, September 15th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.8%. Eastman Chemical's dividend payout ratio is presently 46.63%.

Analyst Ratings Changes

Several research firms have weighed in on EMN. Wells Fargo & Company dropped their price target on Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Monday, August 4th. Royal Bank Of Canada dropped their target price on Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 5th. Morgan Stanley reduced their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. UBS Group dropped their price objective on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, July 9th. Finally, Barclays cut their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $87.00.

About Eastman Chemical

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.