Van ECK Associates Corp Buys New Shares in Eastman Chemical Company $EMN

Key Points

• Van ECK Associates bought 31,282 Eastman Chemical shares worth approximately $2.1 million in the second quarter. Institutional investors collectively own 83.65% of the company.
• Eastman Chemical reported quarterly EPS of $1.97, exceeding estimates of $1.82, while revenue rose 9.9% year over year to $2.51 billion. The company declared a quarterly dividend of $0.84, representing a 4.7% annualized yield.
• Analyst sentiment is moderately bullish, with a consensus rating of “Moderate Buy” and an average price target of $79.17, compared with the stock’s recent price of $71.15.

Van ECK Associates Corp bought a new position in Eastman Chemical Company (NYSE:EMN - Free Report) during the second quarter, according to the company in its most recent filing with the SEC. The firm bought 31,282 shares of the basic materials company's stock, valued at approximately $2,095,000.

Several other institutional investors have also added to or reduced their stakes in the business. Prosperitas Financial LLC purchased a new position in shares of Eastman Chemical in the second quarter worth about $206,000. Archer Investment Corp purchased a new stake in Eastman Chemical during the 2nd quarter valued at about $190,000. Dearborn Partners LLC bought a new position in Eastman Chemical during the 2nd quarter worth approximately $309,000. Equitable Holdings Inc. grew its position in Eastman Chemical by 21.9% during the 2nd quarter. Equitable Holdings Inc. now owns 18,144 shares of the basic materials company's stock worth $1,215,000 after acquiring an additional 3,260 shares during the last quarter. Finally, Capstone Investment Advisors LLC purchased a new position in Eastman Chemical in the 2nd quarter worth approximately $360,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 0.5%

Shares of Eastman Chemical stock opened at $71.15 on Friday. The company has a current ratio of 1.50, a quick ratio of 0.76 and a debt-to-equity ratio of 0.72. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $83.47. The company has a market cap of $8.14 billion, a P/E ratio of 18.53, a PEG ratio of 0.87 and a beta of 1.07. The company's fifty day simple moving average is $70.60 and its two-hundred day simple moving average is $72.25.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $1.97 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.82 by $0.15. Eastman Chemical had a net margin of 4.99% and a return on equity of 9.46%. The company had revenue of $2.51 billion for the quarter, compared to analysts' expectations of $2.40 billion. During the same quarter in the previous year, the company earned $1.60 earnings per share. Eastman Chemical's quarterly revenue was up 9.9% on a year-over-year basis. Eastman Chemical has set its Q3 2026 guidance at 1.970-1.970 EPS. Research analysts anticipate that Eastman Chemical Company will post 6.5 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Stockholders of record on Tuesday, September 15th will be paid a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date is Tuesday, September 15th. Eastman Chemical's dividend payout ratio (DPR) is presently 87.50%.

Analyst Ratings Changes

EMN has been the subject of several recent research reports. The Goldman Sachs Group reiterated a "neutral" rating and issued a $75.00 price objective on shares of Eastman Chemical in a research report on Thursday, July 16th. UBS Group raised their target price on shares of Eastman Chemical from $89.00 to $92.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Eastman Chemical in a research note on Thursday, August 13th. Royal Bank Of Canada upped their price target on shares of Eastman Chemical from $69.00 to $74.00 and gave the company a "sector perform" rating in a report on Wednesday, August 5th. Finally, Wall Street Zen raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a report on Saturday, August 1st. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $79.17.

Eastman Chemical Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical Company (NYSE:EMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source