Bank of America Corp DE Raises Stake in Eastman Chemical Company $EMN

Key Points

• Bank of America increased its Eastman Chemical stake by 10.1% in the second quarter, bringing its holdings to 2.47 million shares worth approximately $165.4 million, or 2.16% of the company.
• Eastman Chemical reported quarterly EPS of $1.97, beating estimates of $1.82, while revenue rose 9.9% year over year to $2.51 billion. The company also declared a quarterly dividend of $0.84 per share, representing a 5.1% yield.
• Analyst sentiment remains cautious, with six Buy ratings and eight Holds producing an overall “Hold” rating and an average price target of $79.17, above the stock’s reported $66.35 price.

Bank of America Corp DE grew its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 10.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,469,976 shares of the basic materials company's stock after acquiring an additional 225,905 shares during the period. Bank of America Corp DE owned about 2.16% of Eastman Chemical worth $165,439,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in EMN. Royal Bank of Canada boosted its position in Eastman Chemical by 29.3% in the 1st quarter. Royal Bank of Canada now owns 188,049 shares of the basic materials company's stock worth $14,352,000 after purchasing an additional 42,601 shares in the last quarter. Empowered Funds LLC increased its holdings in shares of Eastman Chemical by 270.9% during the 1st quarter. Empowered Funds LLC now owns 65,611 shares of the basic materials company's stock valued at $5,007,000 after purchasing an additional 47,923 shares in the last quarter. Freestone Grove Partners LP acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at $954,000. NewEdge Advisors LLC lifted its stake in shares of Eastman Chemical by 123.6% in the 1st quarter. NewEdge Advisors LLC now owns 62,829 shares of the basic materials company's stock valued at $4,795,000 after purchasing an additional 34,734 shares during the period. Finally, Oak Thistle LLC purchased a new stake in Eastman Chemical during the second quarter worth $990,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Up 2.0%

Shares of NYSE EMN opened at $66.35 on Friday. Eastman Chemical Company has a 52-week low of $56.11 and a 52-week high of $83.47. The company has a quick ratio of 0.76, a current ratio of 1.50 and a debt-to-equity ratio of 0.72. The company's 50-day simple moving average is $70.58 and its 200-day simple moving average is $71.59. The firm has a market cap of $7.59 billion, a price-to-earnings ratio of 17.28, a price-to-earnings-growth ratio of 0.80 and a beta of 1.07.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $1.97 EPS for the quarter, topping the consensus estimate of $1.82 by $0.15. The company had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.40 billion. Eastman Chemical had a return on equity of 9.46% and a net margin of 4.99%.Eastman Chemical's quarterly revenue was up 9.9% on a year-over-year basis. During the same period in the previous year, the business earned $1.60 EPS. Eastman Chemical has set its Q3 2026 guidance at 1.970-1.970 EPS. Equities analysts predict that Eastman Chemical Company will post 6.48 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 5.1%. The ex-dividend date of this dividend is Tuesday, September 15th. Eastman Chemical's dividend payout ratio is currently 87.50%.

Wall Street Analysts Forecast Growth

Several research firms recently commented on EMN. Royal Bank Of Canada raised their price target on shares of Eastman Chemical from $69.00 to $74.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 5th. KeyCorp began coverage on shares of Eastman Chemical in a research note on Thursday, September 10th. They set a "sector weight" rating on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Eastman Chemical in a research report on Thursday, August 13th. Deutsche Bank Aktiengesellschaft restated a "hold" rating and issued a $74.00 price target on shares of Eastman Chemical in a research note on Monday, August 3rd. Finally, Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a report on Saturday, September 12th. Six research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $79.17.

Eastman Chemical Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops and manufactures products used in transportation, building and construction, consumer goods, packaging, personal care, and other markets. The company serves customers through a portfolio of specialty polymers, additives, advanced materials, chemical intermediates, and fibers.

Its products include Tritan copolyester used in durable consumer and medical applications, Saflex interlayers for laminated glass, cellulose esters for coatings and plastics, and specialty additives used in coatings, adhesives, lubricants, and personal care products.

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