HITE Hedge Asset Management LLC Invests $4.75 Million 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 position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 53,930 shares of the basic materials company's stock, valued at approximately $4,752,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. lifted its holdings in shares of Eastman Chemical by 5.9% during the first quarter. Principal Financial Group Inc. now owns 155,509 shares of the basic materials company's stock worth $13,702,000 after buying an additional 8,708 shares in the last quarter. OneDigital Investment Advisors LLC raised its stake in Eastman Chemical by 36.9% during the first quarter. OneDigital Investment Advisors LLC now owns 3,029 shares of the basic materials company's stock worth $267,000 after acquiring an additional 816 shares in the last quarter. Teacher Retirement System of Texas acquired a new position in Eastman Chemical during the first quarter worth about $1,494,000. Farther Finance Advisors LLC raised its stake in Eastman Chemical by 12.8% during the first quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company's stock worth $167,000 after acquiring an additional 214 shares in the last quarter. Finally, Golden State Wealth Management LLC raised its stake in Eastman Chemical by 882.3% during the first quarter. Golden State Wealth Management LLC now owns 943 shares of the basic materials company's stock worth $83,000 after acquiring an additional 847 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Wall Street Analyst Weigh In

EMN has been the topic of several research reports. Morgan Stanley reduced their price target on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Mizuho reduced their target price on Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, August 1st. Royal Bank Of Canada cut their price target on Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating on the stock in a report on Tuesday, August 5th. UBS Group lowered their target price on Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, July 9th. Finally, Barclays lowered their target price on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 29th. Eight analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $87.00.

Eastman Chemical Stock Performance

NYSE:EMN traded up $3.4420 during trading on Friday, reaching $69.4520. The company's stock had a trading volume of 1,397,348 shares, compared to its average volume of 2,026,438. The firm has a market cap of $7.98 billion, a price-to-earnings ratio of 9.75, a price-to-earnings-growth ratio of 6.63 and a beta of 1.21. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.78 and a current ratio of 1.68. The firm has a 50 day moving average of $73.04 and a 200-day moving average of $81.18. Eastman Chemical Company has a 12 month low of $56.78 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.72 by ($0.12). The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The firm's revenue for the quarter was down 3.2% compared to the same quarter last year. During the same quarter last year, the company earned $2.15 EPS. Eastman Chemical has set its Q3 2025 guidance at 1.250-1.250 EPS. Research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

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

Eastman Chemical Company Profile

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.