Wedge Capital Management L L P NC Boosts Position in Eastman Chemical Company $EMN

Key Points

• Wedge Capital Management L L P NC increased its holdings in Eastman Chemical Company by 14.8% during the second quarter, bringing its total ownership to 125,073 shares valued at approximately $9.34 million.
• Eastman Chemical recently reported a Q2 earnings miss with earnings per share of $1.60, falling short of analyst estimates by $0.12, and a year-over-year revenue decline of 3.2%.
• The company announced a quarterly dividend of $0.83 per share, resulting in a potential annualized yield of 5.1% and reflecting a payout ratio of 46.63%.

Wedge Capital Management L L P NC lifted its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 14.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 125,073 shares of the basic materials company's stock after purchasing an additional 16,155 shares during the period. Wedge Capital Management L L P NC owned 0.11% of Eastman Chemical worth $9,338,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. GAMMA Investing LLC increased its stake in shares of Eastman Chemical by 11,261.1% in the 1st quarter. GAMMA Investing LLC now owns 476,939 shares of the basic materials company's stock worth $42,023,000 after acquiring an additional 472,741 shares in the last quarter. Miller Howard Investments Inc. NY bought a new position in shares of Eastman Chemical in the 2nd quarter worth about $26,212,000. Nuveen LLC bought a new position in shares of Eastman Chemical in the 1st quarter worth about $26,289,000. Atlantic Investment Management Inc. bought a new position in shares of Eastman Chemical in the 1st quarter worth about $22,167,000. Finally, Dimensional Fund Advisors LP increased its stake in shares of Eastman Chemical by 8.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,588,331 shares of the basic materials company's stock worth $228,042,000 after acquiring an additional 202,740 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 0.3%

Shares of EMN traded up $0.22 during trading hours on Tuesday, reaching $64.57. 424,609 shares of the company traded hands, compared to its average volume of 1,548,751. The firm has a market cap of $7.41 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 6.27 and a beta of 1.26. Eastman Chemical Company has a 12-month low of $56.78 and a 12-month high of $114.50. 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 stock's fifty day moving average price is $68.85 and its 200 day moving average price is $76.57.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.72 by ($0.12). The company had revenue of $2.29 billion for 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 revenue for the quarter was down 3.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.15 earnings per share. Eastman Chemical has set its Q3 2025 guidance at 1.250-1.250 EPS. Sell-side analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Monday, September 15th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.32 dividend on an annualized basis and a yield of 5.1%. Eastman Chemical's dividend payout ratio (DPR) is currently 46.63%.

Analyst Ratings Changes

Several research analysts recently issued reports on EMN shares. Citigroup decreased their price target on shares of Eastman Chemical from $90.00 to $68.00 and set a "buy" rating for the company in a research note on Monday, August 4th. The Goldman Sachs Group reduced their price objective on shares of Eastman Chemical from $87.00 to $65.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Royal Bank Of Canada reduced their price objective on shares of Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating for the company in a research note on Tuesday, August 5th. Wells Fargo & Company raised their price objective on shares of Eastman Chemical from $70.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, September 16th. Finally, UBS Group reduced their price objective on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $87.77.

Eastman Chemical Profile

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.