Bessemer Group Inc. Trims Holdings in Eastman Chemical (NYSE:EMN)

Posted by Defense World Staff on Jun 12th, 2023

Bessemer Group Inc. cut its holdings in Eastman Chemical (NYSE:EMN – Get Rating) by 7.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,263 shares of the basic materials company’s stock after selling 547 shares during the quarter. Bessemer Group Inc.’s holdings in Eastman Chemical were worth $591,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EMN. Tredje AP fonden grew its position in Eastman Chemical by 64.1% during the 4th quarter. Tredje AP fonden now owns 41,736 shares of the basic materials company’s stock valued at $3,399,000 after purchasing an additional 16,302 shares during the last quarter. Amalgamated Bank grew its position in Eastman Chemical by 25.9% during the 4th quarter. Amalgamated Bank now owns 41,756 shares of the basic materials company’s stock valued at $3,401,000 after purchasing an additional 8,588 shares during the last quarter. IFP Advisors Inc grew its position in Eastman Chemical by 441.1% during the 4th quarter. IFP Advisors Inc now owns 14,376 shares of the basic materials company’s stock valued at $1,527,000 after purchasing an additional 11,719 shares during the last quarter. Envestnet Asset Management Inc. grew its position in Eastman Chemical by 0.5% during the 3rd quarter. Envestnet Asset Management Inc. now owns 304,244 shares of the basic materials company’s stock valued at $21,617,000 after purchasing an additional 1,578 shares during the last quarter. Finally, Bridgefront Capital LLC purchased a new stake in Eastman Chemical during the 3rd quarter valued at about $241,000. 83.42% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

NYSE EMN traded up $0.06 on Monday, reaching $80.54. 276,111 shares of the stock were exchanged, compared to its average volume of 988,266. Eastman Chemical has a one year low of $69.91 and a one year high of $102.18. The firm has a market capitalization of $9.60 billion, a PE ratio of 14.30, a PEG ratio of 1.06 and a beta of 1.50. The company’s 50-day simple moving average is $81.29 and its two-hundred day simple moving average is $83.95. The company has a current ratio of 1.34, a quick ratio of 0.68 and a debt-to-equity ratio of 0.88.

Eastman Chemical (NYSE:EMN – Get Rating) last released its earnings results on Friday, April 28th. The basic materials company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.41. Eastman Chemical had a net margin of 6.73% and a return on equity of 17.03%. The company had revenue of $2.41 billion for the quarter, compared to analysts’ expectations of $2.43 billion. During the same quarter last year, the business earned $2.06 EPS. The firm’s revenue was down 11.1% compared to the same quarter last year. Analysts expect that Eastman Chemical will post 7.94 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Wednesday, June 14th. Eastman Chemical’s payout ratio is 56.23%.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on EMN shares. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Eastman Chemical from $92.00 to $86.00 in a research note on Monday. Barclays upped their target price on shares of Eastman Chemical from $87.00 to $90.00 in a research note on Monday, May 1st. Piper Sandler upgraded shares of Eastman Chemical from a “neutral” rating to an “overweight” rating and upped their target price for the company from $96.00 to $99.00 in a research note on Tuesday, April 11th. KeyCorp upped their target price on shares of Eastman Chemical from $96.00 to $106.00 in a research note on Monday, May 1st. Finally, Mizuho upped their target price on shares of Eastman Chemical from $82.00 to $84.00 in a research note on Tuesday, May 2nd. Ten equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Hold” and a consensus price target of $94.69.

Eastman Chemical Company Profile

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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.