1,307,605 Shares in Eastman Chemical Company $EMN Bought by Legal & General Group Plc

Key Points

• Legal & General Group Plc acquired 1.31 million Eastman Chemical shares during the second quarter, worth approximately $87.6 million and representing about 1.14% of the company.
• Analyst sentiment is generally positive, with a consensus rating of “Moderate Buy” and an average price target of $79.17; targets range from $74 to $92.
• Eastman Chemical exceeded quarterly earnings and revenue expectations, reporting $1.97 EPS and $2.51 billion in revenue. The company also declared a quarterly dividend of $0.84 per share, representing a 4.6% yield.

Legal & General Group Plc purchased a new stake in Eastman Chemical Company (NYSE:EMN - Free Report) in the 2nd quarter, according to its most recent filing with the SEC. The institutional investor purchased 1,307,605 shares of the basic materials company's stock, valued at approximately $87,583,000. Legal & General Group Plc owned approximately 1.14% of Eastman Chemical at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. MUFG Securities EMEA plc purchased a new stake in shares of Eastman Chemical in the second quarter worth about $25,000. Altshuler Shaham Ltd purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at about $25,000. Garton & Associates Financial Advisors LLC acquired a new position in Eastman Chemical during the 4th quarter worth approximately $27,000. Los Angeles Capital Management LLC acquired a new position in Eastman Chemical during the 4th quarter worth approximately $27,000. Finally, McMillan Office Inc. purchased a new position in Eastman Chemical in the 4th quarter worth approximately $29,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Wall Street Zen raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. JPMorgan Chase & Co. upped their target price on shares of Eastman Chemical from $80.00 to $82.00 and gave the company an "overweight" rating in a research note on Monday, May 4th. Wells Fargo & Company raised their price target on shares of Eastman Chemical from $70.00 to $80.00 and gave the company an "equal weight" rating in a report on Monday, May 4th. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $74.00 price target on shares of Eastman Chemical in a research note on Monday, August 3rd. Finally, UBS Group boosted their price objective on shares of Eastman Chemical from $89.00 to $92.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Seven analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus price target of $79.17.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $72.73 on Friday. The stock has a market capitalization of $8.32 billion, a price-to-earnings ratio of 18.94, a PEG ratio of 0.89 and a beta of 1.06. Eastman Chemical Company has a one year low of $56.11 and a one year high of $83.47. The company's 50-day simple moving average is $70.51 and its 200-day simple moving average is $72.55. The company has a debt-to-equity ratio of 0.72, a quick ratio of 0.76 and a current ratio of 1.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $1.97 earnings per share for the quarter, beating the consensus estimate of $1.82 by $0.15. Eastman Chemical had a return on equity of 9.46% and a net margin of 4.99%.The firm had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.40 billion. During the same period in the previous year, the company earned $1.60 earnings per share. Eastman Chemical's quarterly revenue was up 9.9% on a year-over-year basis. Eastman Chemical has set its Q3 2026 guidance at 1.970-1.970 EPS. Equities analysts anticipate that Eastman Chemical Company will post 6.5 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Tuesday, September 15th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Tuesday, September 15th. Eastman Chemical's dividend payout ratio is currently 87.50%.

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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