Bank of America Corp DE Acquires 266,719 Shares of Eastman Chemical Company $EMN

Key Points

• Bank of America increased its Eastman Chemical stake by 13.5%, purchasing 266,719 shares to hold 2.24 million shares valued at approximately $171.3 million. Institutional investors collectively own 83.65% of the company.
• Analyst sentiment is moderately positive, with a consensus “Moderate Buy” rating and an average price target of $79.17. UBS raised its target to $92, while Goldman Sachs maintained a neutral rating with a $75 target.
• Eastman Chemical shares opened at $73.48, down 0.6%, while the company reported quarterly EPS of $1.97 versus the $1.82 estimate and revenue of $2.51 billion, up 9.9% year over year.

Bank of America Corp DE boosted its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 13.5% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,244,071 shares of the basic materials company's stock after purchasing an additional 266,719 shares during the period. Bank of America Corp DE owned about 1.96% of Eastman Chemical worth $171,267,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Lido Advisors LLC raised its holdings in shares of Eastman Chemical by 0.6% during the fourth quarter. Lido Advisors LLC now owns 20,313 shares of the basic materials company's stock valued at $1,297,000 after acquiring an additional 125 shares in the last quarter. Altshuler Shaham Ltd boosted its holdings in Eastman Chemical by 36.9% in the first quarter. Altshuler Shaham Ltd now owns 538 shares of the basic materials company's stock valued at $41,000 after acquiring an additional 145 shares in the last quarter. Generali Asset Management SPA SGR increased its position in Eastman Chemical by 9.6% during the 4th quarter. Generali Asset Management SPA SGR now owns 1,700 shares of the basic materials company's stock valued at $109,000 after purchasing an additional 149 shares during the period. UMB Bank n.a. increased its position in Eastman Chemical by 6.2% during the 4th quarter. UMB Bank n.a. now owns 2,571 shares of the basic materials company's stock valued at $164,000 after purchasing an additional 150 shares during the period. Finally, Jacobi Capital Management LLC raised its holdings in Eastman Chemical by 3.2% in the 4th quarter. Jacobi Capital Management LLC now owns 4,982 shares of the basic materials company's stock worth $318,000 after purchasing an additional 153 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $75.00 target price on shares of Eastman Chemical in a research report on Thursday, July 16th. UBS Group increased their price target on shares of Eastman Chemical from $89.00 to $92.00 and gave the stock a "buy" rating in a research note on Monday. Morgan Stanley lowered their price objective on shares of Eastman Chemical from $83.00 to $79.00 and set an "overweight" rating for the company in a report on Thursday, July 2nd. Wall Street Zen raised Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Saturday, August 1st. Finally, JPMorgan Chase & Co. upped their target price on Eastman Chemical from $80.00 to $82.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. Seven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $79.17.

Eastman Chemical Trading Down 0.6%

Shares of NYSE EMN opened at $73.48 on Thursday. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $83.47. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 0.71. The firm has a 50-day moving average of $70.61 and a 200 day moving average of $72.26. The stock has a market cap of $8.40 billion, a P/E ratio of 19.13, a price-to-earnings-growth ratio of 0.92 and a beta of 1.06.

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, topping analysts' consensus estimates of $1.82 by $0.15. Eastman Chemical had a net margin of 4.99% and a return on equity of 9.46%. The business had revenue of $2.51 billion for the quarter, compared to analysts' expectations of $2.40 billion. During the same quarter in the prior year, the company earned $1.60 earnings per share. The business's revenue was up 9.9% compared to the same quarter last year. Eastman Chemical has set its Q3 2026 guidance at 1.970-1.970 EPS. As a group, sell-side analysts expect that Eastman Chemical Company will post 6.39 EPS for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source