Regents Gate Capital LLP Cuts Stock Position in Eastman Chemical Company (NYSE:EMN)

Regents Gate Capital LLP cut its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 98.8% during the first quarter, Holdings Channel reports. The firm owned 1,338 shares of the basic materials company’s stock after selling 110,735 shares during the quarter. Regents Gate Capital LLP’s holdings in Eastman Chemical were worth $118,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital World Investors acquired a new position in shares of Eastman Chemical in the 4th quarter valued at $137,848,000. Norges Bank acquired a new stake in shares of Eastman Chemical in the 4th quarter worth $137,416,000. Wealthfront Advisers LLC lifted its stake in shares of Eastman Chemical by 3,136.8% in the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock worth $67,213,000 after acquiring an additional 713,272 shares during the period. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 13.4% in the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock worth $537,561,000 after acquiring an additional 697,388 shares during the period. Finally, Franklin Resources Inc. lifted its stake in shares of Eastman Chemical by 10.8% in the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company’s stock worth $528,310,000 after acquiring an additional 565,821 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

EMN has been the subject of several recent analyst reports. Mizuho upgraded shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research note on Thursday, April 3rd. Wall Street Zen cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, April 28th. JPMorgan Chase & Co. restated a “neutral” rating and set a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. KeyCorp lowered their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Finally, Royal Bank Of Canada upgraded shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price target for the company in a report on Wednesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $98.54.

Eastman Chemical Price Performance

EMN opened at $80.41 on Wednesday. The company has a market cap of $9.28 billion, a P/E ratio of 10.23, a P/E/G ratio of 1.87 and a beta of 1.22. The company has a 50 day moving average of $78.72 and a two-hundred day moving average of $86.20. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80. Eastman Chemical Company has a 52-week low of $70.90 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The business’s quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.61 earnings per share. On average, analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were issued a $0.83 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.13%. Eastman Chemical’s dividend payout ratio is presently 42.24%.

Eastman Chemical Company 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.