Miller Howard Investments Inc. NY Buys 269,275 Shares of Eastman Chemical Company $EMN

Key Points

• Miller Howard Investments Inc. NY boosted its stake in Eastman Chemical (NYSE: EMN) by 94.1%, buying 269,275 shares to own 555,291 shares worth about $35.44 million (roughly 0.49% of the company) at quarter-end.
• Wall Street is mixed: the consensus rating is a Hold with a $80 consensus target, although several firms (including Bank of America and JPMorgan) recently raised price targets and issued upgrades.
• Eastman missed quarterly expectations with $0.75 EPS and a 12.1% year-over-year revenue decline, but it pays a $0.84 quarterly dividend (annualized $3.36) yielding about 4.5% with a payout ratio near 82%.

Miller Howard Investments Inc. NY lifted its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 94.1% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 555,291 shares of the basic materials company's stock after purchasing an additional 269,275 shares during the period. Miller Howard Investments Inc. NY owned 0.49% of Eastman Chemical worth $35,444,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in EMN. Brighton Jones LLC bought a new position in shares of Eastman Chemical in the 4th quarter worth $202,000. Integrated Wealth Concepts LLC boosted its position in shares of Eastman Chemical by 185.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company's stock worth $589,000 after purchasing an additional 4,345 shares during the last quarter. Millennium Management LLC boosted its position in shares of Eastman Chemical by 69.2% in the 1st quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company's stock worth $17,098,000 after purchasing an additional 79,376 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Eastman Chemical by 2.6% in the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company's stock worth $644,000 after purchasing an additional 183 shares during the last quarter. Finally, United Services Automobile Association bought a new position in shares of Eastman Chemical in the 1st quarter worth $252,000. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

EMN has been the topic of several research analyst reports. Bank of America raised their price objective on Eastman Chemical from $74.00 to $79.00 and gave the stock a "buy" rating in a research note on Monday, February 2nd. Weiss Ratings raised Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a research note on Wednesday, February 18th. Deutsche Bank Aktiengesellschaft raised their price objective on Eastman Chemical from $64.00 to $72.00 and gave the stock a "hold" rating in a research note on Monday, February 2nd. JPMorgan Chase & Co. raised Eastman Chemical from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $70.00 to $80.00 in a research note on Tuesday, April 14th. Finally, KeyCorp reaffirmed an "overweight" rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $80.00.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $73.85 on Monday. The company has a market capitalization of $8.43 billion, a PE ratio of 18.06, a PEG ratio of 1.61 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. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. The stock's fifty day simple moving average is $73.95 and its 200 day simple moving average is $67.46.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the business posted $1.87 EPS. The business's quarterly revenue was down 12.1% compared to the same quarter last year. On average, research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th were paid a $0.84 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.5%. Eastman Chemical's dividend payout ratio (DPR) is currently 82.15%.

Eastman Chemical Company 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.

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