Renaissance Technologies LLC Sells 232,700 Shares of Eastman Chemical Company $EMN

Renaissance Technologies LLC cut its stake in Eastman Chemical Company (NYSE:EMN) by 90.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,740 shares of the basic materials company’s stock after selling 232,700 shares during the period. Renaissance Technologies LLC’s holdings in Eastman Chemical were worth $1,888,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of EMN. State Street Corp increased its position in shares of Eastman Chemical by 24.3% in the third quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock worth $363,314,000 after purchasing an additional 1,112,391 shares during the period. Dimensional Fund Advisors LP lifted its position in Eastman Chemical by 7.4% during the first quarter. Dimensional Fund Advisors LP now owns 4,936,789 shares of the basic materials company’s stock worth $376,747,000 after purchasing an additional 338,914 shares during the period. Franklin Resources Inc. grew its stake in Eastman Chemical by 0.6% during the fourth quarter. Franklin Resources Inc. now owns 3,722,964 shares of the basic materials company’s stock worth $237,637,000 after buying an additional 20,634 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in Eastman Chemical by 39.4% during the first quarter. Allspring Global Investments Holdings LLC now owns 2,592,691 shares of the basic materials company’s stock worth $196,552,000 after buying an additional 732,693 shares in the last quarter. Finally, Bank of America Corp DE increased its holdings in Eastman Chemical by 6.1% in the 2nd quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company’s stock valued at $184,909,000 after buying an additional 143,323 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Up 1.8%

Shares of NYSE EMN opened at $74.73 on Wednesday. The company has a market cap of $8.55 billion, a price-to-earnings ratio of 19.46, a PEG ratio of 0.91 and a beta of 1.06. 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 stock has a 50-day moving average price of $70.43 and a two-hundred day moving average price of $72.42.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results 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 company had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.40 billion. Eastman Chemical had a net margin of 4.99% and a return on equity of 9.46%. The firm’s quarterly revenue was up 9.9% compared to the same quarter last year. During the same period last year, the company posted $1.60 EPS. Eastman Chemical has set its Q3 2026 guidance at 1.970-1.970 EPS. As a group, analysts forecast that Eastman Chemical Company will post 6.43 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Tuesday, September 15th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Tuesday, September 15th. Eastman Chemical’s payout ratio is presently 87.50%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Royal Bank Of Canada boosted their target price on shares of Eastman Chemical from $69.00 to $74.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 5th. UBS Group lifted their price objective on shares of Eastman Chemical from $89.00 to $92.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Wells Fargo & Company boosted their price objective on shares of Eastman Chemical from $70.00 to $80.00 and gave the company an “equal weight” rating in a research report on Monday, May 4th. Wall Street Zen upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, August 1st. Finally, Morgan Stanley reduced their target price on Eastman Chemical from $83.00 to $79.00 and set an “overweight” rating on the stock in a report on Thursday, July 2nd. Seven analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $79.17.

Eastman Chemical Company 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.