Truist Financial Corp Sells 792,199 Shares of Eastman Chemical Company $EMN

Key Points

• Truist Financial Corp has significantly reduced its stake in Eastman Chemical by 62.6%, selling 792,199 shares and now holding 473,658 shares valued at $35.36 million.
• Eastman Chemical Company reported $1.60 EPS for the last quarter, which was below the consensus estimate of $1.72, and saw a 3.2% decline in revenue year-over-year.
• The company declared a quarterly dividend of $0.83 per share, with an annualized dividend yield of 5.2%, to be paid on October 7th.

Truist Financial Corp reduced its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 62.6% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 473,658 shares of the basic materials company's stock after selling 792,199 shares during the period. Truist Financial Corp owned about 0.41% of Eastman Chemical worth $35,363,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB raised its stake in shares of Eastman Chemical by 65.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company's stock worth $28,000 after purchasing an additional 146 shares during the last quarter. National Pension Service increased its holdings in Eastman Chemical by 75.3% in the 1st quarter. National Pension Service now owns 433 shares of the basic materials company's stock worth $38,000 after buying an additional 186 shares in the last quarter. TD Private Client Wealth LLC raised its position in Eastman Chemical by 46.4% in the 1st quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company's stock worth $47,000 after buying an additional 170 shares during the last quarter. Wayfinding Financial LLC bought a new position in Eastman Chemical during the 1st quarter valued at about $50,000. Finally, Salem Investment Counselors Inc. boosted its holdings in shares of Eastman Chemical by 105.3% during the 1st quarter. Salem Investment Counselors Inc. now owns 618 shares of the basic materials company's stock valued at $55,000 after acquiring an additional 317 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 3.9%

Shares of EMN stock opened at $64.37 on Friday. 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 has a market capitalization of $7.39 billion, a price-to-earnings ratio of 9.04, a price-to-earnings-growth ratio of 6.01 and a beta of 1.29. Eastman Chemical Company has a 12-month low of $56.78 and a 12-month high of $111.79. The stock's 50-day moving average price is $66.44 and its 200-day moving average price is $75.15.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.72 by ($0.12). Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter last year, the business earned $2.15 EPS. Eastman Chemical's revenue for the quarter was down 3.2% compared to the same quarter last year. Eastman Chemical has set its Q3 2025 guidance at 1.250-1.250 EPS. Equities research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm 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 dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date of this dividend is Monday, September 15th. Eastman Chemical's dividend payout ratio (DPR) is currently 46.63%.

Analyst Ratings Changes

A number of brokerages recently weighed in on EMN. UBS Group lowered their price objective on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, July 9th. Citigroup lifted their price objective on Eastman Chemical from $68.00 to $70.00 and gave the stock a "buy" rating in a report on Thursday. Royal Bank Of Canada lowered their target price on Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating on the stock in a report on Tuesday, August 5th. Mizuho cut their price target on Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating for the company in a research note on Friday, August 1st. Finally, KeyCorp set a $79.00 price objective on shares of Eastman Chemical and gave the stock an "overweight" rating in a research note on Monday, August 4th. Eight equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $87.92.

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.

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