Miller Howard Investments Inc. NY Sells 65,075 Shares of Eastman Chemical Company $EMN

Miller Howard Investments Inc. NY cut its holdings in Eastman Chemical Company (NYSE:EMN) by 18.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 286,016 shares of the basic materials company’s stock after selling 65,075 shares during the quarter. Miller Howard Investments Inc. NY owned about 0.25% of Eastman Chemical worth $18,033,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical during the second quarter worth $25,000. MassMutual Private Wealth & Trust FSB grew its position in shares of Eastman Chemical by 65.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after buying an additional 146 shares during the period. Ameritas Advisory Services LLC acquired a new position in shares of Eastman Chemical during the 2nd quarter worth about $32,000. Loomis Sayles & Co. L P bought a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $33,000. Finally, Financial Consulate Inc. bought a new position in Eastman Chemical during the 3rd quarter worth approximately $42,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 0.0%

NYSE:EMN opened at $68.76 on Friday. The stock has a 50-day simple moving average of $62.30 and a 200 day simple moving average of $66.12. Eastman Chemical Company has a 52-week low of $56.11 and a 52-week high of $103.82. The company has a market cap of $7.84 billion, a PE ratio of 11.48, a PEG ratio of 6.68 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.86 and a current ratio of 1.76.

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

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Shareholders of record on Monday, December 15th were paid a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 4.9%. The ex-dividend date was Monday, December 15th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio (DPR) is presently 56.09%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on EMN. Evercore ISI lowered their target price on shares of 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. Bank of America dropped their price objective on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, October 14th. Mizuho decreased their target price on Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating for the company in a research note on Friday, October 3rd. Weiss Ratings raised Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Finally, Wells Fargo & Company reiterated an “equal weight” rating and issued a $70.00 price objective on shares of Eastman Chemical in a research report on Friday, December 19th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $78.38.

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.