California State Teachers Retirement System Decreases Stake in Eastman Chemical Company $EMN

Key Points

• California State Teachers Retirement System reduced its Eastman Chemical stake by 2.1%, selling 2,793 shares and retaining 132,448 shares valued at approximately $8.9 million. Institutional investors collectively own 83.65% of the company.
• Eastman Chemical reported quarterly earnings of $1.97 per share, beating estimates of $1.82, while revenue rose 9.9% year over year to $2.51 billion. The stock was trading at $65.76, down 1.8%.
• The company declared a quarterly dividend of $0.84 per share, equivalent to a 5.1% yield and $3.36 annualized. Analysts maintain a consensus “Hold” rating with an average price target of $79.17.

California State Teachers Retirement System lowered its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 2.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 132,448 shares of the basic materials company's stock after selling 2,793 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Eastman Chemical worth $8,871,367 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Continuum Advisory LLC purchased a new position in shares of Eastman Chemical during the 2nd quarter worth $40,000. Altshuler Shaham Ltd lifted its stake in shares of Eastman Chemical by 36.9% in the first quarter. Altshuler Shaham Ltd now owns 538 shares of the basic materials company's stock worth $41,000 after acquiring an additional 145 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Eastman Chemical in the 2nd quarter worth about $44,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Eastman Chemical during the 2nd quarter worth $46,000. Finally, First Bancorp Inc ME acquired a new position in shares of Eastman Chemical during the 2nd quarter worth $46,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Down 1.8%

EMN stock traded down $1.24 during mid-day trading on Tuesday, hitting $65.76. The stock had a trading volume of 518,838 shares, compared to its average volume of 1,373,855. Eastman Chemical Company has a 1-year low of $56.11 and a 1-year high of $83.47. The company has a current ratio of 1.50, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. The stock has a market capitalization of $7.52 billion, a price-to-earnings ratio of 17.15, a PEG ratio of 0.84 and a beta of 1.07. The company has a fifty day moving average of $70.71 and a 200 day moving average of $71.79.

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

Eastman Chemical Announces Dividend

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

Wall Street Analyst Weigh In

EMN has been the topic of several research analyst reports. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Eastman Chemical in a research note on Thursday, August 13th. Royal Bank Of Canada lifted their price target on Eastman Chemical from $69.00 to $74.00 and gave the company a "sector perform" rating in a research report on Wednesday, August 5th. Citigroup lowered their price objective on Eastman Chemical from $85.00 to $81.00 and set a "buy" rating on the stock in a research report on Monday, August 3rd. Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a report on Saturday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and set a $74.00 target price on shares of Eastman Chemical in a report on Monday, August 3rd. Six analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $79.17.

Eastman Chemical Company 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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