Eastman Chemical Company $EMN Shares Purchased by Allstate Corp

Key Points

• Allstate Corp significantly increased its stake in Eastman Chemical Company by 236.8% in the first quarter, acquiring an additional 8,482 shares for a total value of approximately $1,063,000.
• Various institutional investors have also increased their holdings in Eastman Chemical, with hedge funds owning 83.65% of the company's stock.
• Eastman Chemical recently reported quarterly earnings that missed expectations, with revenues of $2.29 billion, down 3.2% year-over-year and EPS of $1.60 against an estimate of $1.72.

Allstate Corp increased its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 236.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 12,064 shares of the basic materials company's stock after buying an additional 8,482 shares during the period. Allstate Corp's holdings in Eastman Chemical were worth $1,063,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in EMN. Holderness Investments Co. grew its holdings in Eastman Chemical by 1.2% during the 1st quarter. Holderness Investments Co. now owns 10,466 shares of the basic materials company's stock valued at $922,000 after buying an additional 125 shares during the last quarter. Y.D. More Investments Ltd lifted its position in shares of Eastman Chemical by 15.0% in the first quarter. Y.D. More Investments Ltd now owns 1,044 shares of the basic materials company's stock valued at $92,000 after acquiring an additional 136 shares in the last quarter. Beverly Hills Private Wealth LLC boosted its stake in shares of Eastman Chemical by 4.5% during the first quarter. Beverly Hills Private Wealth LLC now owns 3,304 shares of the basic materials company's stock valued at $291,000 after acquiring an additional 143 shares during the last quarter. Prudent Man Advisors LLC boosted its stake in shares of Eastman Chemical by 2.2% during the first quarter. Prudent Man Advisors LLC now owns 6,651 shares of the basic materials company's stock valued at $586,000 after acquiring an additional 144 shares during the last quarter. Finally, Burney Co. increased its position in Eastman Chemical by 0.9% during the 1st quarter. Burney Co. now owns 18,083 shares of the basic materials company's stock worth $1,593,000 after purchasing an additional 154 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of recent research reports. Citigroup reduced their target price on shares of Eastman Chemical from $90.00 to $68.00 and set a "buy" rating on the stock in a report on Monday, August 4th. Royal Bank Of Canada reduced their target price on shares of Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating on the stock in a report on Tuesday, August 5th. Wells Fargo & Company reduced their target price on shares of Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a report on Monday, August 4th. Mizuho reduced their target price on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, August 1st. Finally, UBS Group reduced their target price on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, July 9th. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $87.00.

Eastman Chemical Trading Down 0.9%

EMN traded down $0.64 during midday trading on Thursday, hitting $68.20. The company's stock had a trading volume of 1,267,260 shares, compared to its average volume of 1,548,362. The company has a current ratio of 1.68, a quick ratio of 0.78 and a debt-to-equity ratio of 0.81. The firm has a market cap of $7.83 billion, a P/E ratio of 9.58, a PEG ratio of 6.52 and a beta of 1.21. The firm has a 50-day moving average price of $72.62 and a two-hundred day moving average price of $80.80. Eastman Chemical Company has a 52-week low of $56.78 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.72 by ($0.12). The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The firm's quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter last year, the firm earned $2.15 EPS. Eastman Chemical has set its Q3 2025 guidance at 1.250-1.250 EPS. On average, research analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Monday, September 15th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 4.9%. The ex-dividend date of this dividend is Monday, September 15th. Eastman Chemical's dividend payout ratio is 46.63%.

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.