Eastman Chemical (NYSE:EMN) Shares Bought by Truist Financial Corp

Truist Financial Corp increased its stake in Eastman Chemical (NYSE:EMN) by 201.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 924,490 shares of the basic materials company’s stock after acquiring an additional 617,889 shares during the quarter. Truist Financial Corp owned approximately 0.79% of Eastman Chemical worth $90,572,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Quarry LP increased its stake in Eastman Chemical by 144.5% in the 2nd quarter. Quarry LP now owns 12,702 shares of the basic materials company’s stock worth $1,244,000 after purchasing an additional 7,507 shares in the last quarter. William B. Walkup & Associates Inc. acquired a new position in shares of Eastman Chemical in the second quarter worth about $4,265,000. Creative Planning increased its position in shares of Eastman Chemical by 3.6% in the second quarter. Creative Planning now owns 46,665 shares of the basic materials company’s stock worth $4,572,000 after acquiring an additional 1,625 shares in the last quarter. Susquehanna Fundamental Investments LLC raised its holdings in shares of Eastman Chemical by 62.0% during the second quarter. Susquehanna Fundamental Investments LLC now owns 128,631 shares of the basic materials company’s stock valued at $12,602,000 after acquiring an additional 49,214 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Eastman Chemical by 5.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 105,524 shares of the basic materials company’s stock valued at $10,338,000 after acquiring an additional 5,331 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on EMN. Citigroup reduced their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Deutsche Bank Aktiengesellschaft lifted their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Mizuho increased their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Piper Sandler restated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Price Performance

NYSE EMN opened at $110.63 on Wednesday. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $114.50. The stock’s 50-day moving average is $100.95 and its two-hundred day moving average is $99.37. The firm has a market cap of $13.02 billion, a P/E ratio of 14.26, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.14. The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $1.99 EPS. On average, analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio is 41.75%.

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.