Engineers Gate Manager LP Sells 39,668 Shares of Eastman Chemical Company $EMN

Key Points

• Engineers Gate Manager LP cut its Eastman Chemical stake by 82.8% in the second quarter, selling 39,668 shares and retaining 8,249 shares worth approximately $553,000. Institutional investors still own 83.65% of EMN.
• Analyst sentiment is mixed, with six Buy ratings and eight Hold ratings; the stock has an average rating of Hold and a consensus price target of $79.17.
• Eastman Chemical exceeded quarterly earnings and revenue estimates, reporting $1.97 in EPS and $2.51 billion in revenue. The company also declared a quarterly dividend of $0.84 per share, representing a 5.0% annualized yield.

Engineers Gate Manager LP trimmed its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 82.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,249 shares of the basic materials company's stock after selling 39,668 shares during the period. Engineers Gate Manager LP's holdings in Eastman Chemical were worth $553,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of EMN. Royal Bank of Canada lifted its position in Eastman Chemical by 29.3% during the 1st quarter. Royal Bank of Canada now owns 188,049 shares of the basic materials company's stock valued at $14,352,000 after acquiring an additional 42,601 shares during the period. Freestone Grove Partners LP purchased a new stake in shares of Eastman Chemical in the second quarter worth $954,000. Empowered Funds LLC increased its holdings in shares of Eastman Chemical by 270.9% during the first quarter. Empowered Funds LLC now owns 65,611 shares of the basic materials company's stock valued at $5,007,000 after acquiring an additional 47,923 shares in the last quarter. Man Group plc purchased a new position in shares of Eastman Chemical in the 2nd quarter worth about $5,471,000. Finally, NewEdge Advisors LLC raised its holdings in Eastman Chemical by 123.6% in the first quarter. NewEdge Advisors LLC now owns 62,829 shares of the basic materials company's stock worth $4,795,000 after buying an additional 34,734 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on EMN shares. UBS Group increased their price target on shares of Eastman Chemical from $89.00 to $92.00 and gave the company a "buy" rating in a report on Monday, August 3rd. KeyCorp began coverage on Eastman Chemical in a research report on Thursday, September 10th. They set a "sector weight" rating on the stock. Royal Bank Of Canada lifted their price objective on Eastman Chemical from $69.00 to $74.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 5th. Morgan Stanley lowered their price objective on shares of Eastman Chemical from $83.00 to $79.00 and set an "overweight" rating on the stock in a research report on Thursday, July 2nd. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Eastman Chemical in a research report on Thursday, August 13th. Six analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $79.17.

Eastman Chemical Trading Up 3.1%

Shares of EMN stock opened at $67.09 on Wednesday. The company has a market cap of $7.67 billion, a PE ratio of 17.47, a price-to-earnings-growth ratio of 0.80 and a beta of 1.07. The stock's 50 day simple moving average is $70.49 and its two-hundred day simple moving average is $71.41. 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 0.76.

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

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders 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 yield of 5.0%. The ex-dividend date is Tuesday, September 15th. Eastman Chemical's dividend payout ratio (DPR) is presently 87.50%.

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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