Truist Financial Corp Acquires 617,889 Shares of Eastman Chemical (NYSE:EMN)

Truist Financial Corp raised its stake in shares of Eastman Chemical (NYSE:EMN) by 201.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 924,490 shares of the basic materials company’s stock after acquiring an additional 617,889 shares during the quarter. Truist Financial Corp’s holdings in Eastman Chemical were worth $90,572,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Cultivar Capital Inc. bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $29,000. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the 1st quarter valued at $34,000. EntryPoint Capital LLC bought a new position in shares of Eastman Chemical during the 1st quarter worth about $38,000. Rothschild Investment LLC acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at about $38,000. Finally, Friedenthal Financial bought a new stake in Eastman Chemical in the second quarter valued at about $49,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Citigroup dropped their price target on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Barclays upped their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $108.07.

Eastman Chemical Stock Down 1.2 %

NYSE:EMN opened at $110.63 on Wednesday. The company has a market cap of $13.02 billion, a PE ratio of 14.26, a PEG ratio of 0.82 and a beta of 1.44. The stock has a 50-day simple moving average of $100.95 and a 200 day simple moving average of $99.37. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the company earned $1.99 earnings per share. The firm’s revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts expect that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 2.93%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s payout ratio is 41.75%.

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.