Gateway Investment Advisers LLC Has $3.20 Million Stake in Eastman Chemical (NYSE:EMN)

Gateway Investment Advisers LLC lessened its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 12.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 36,330 shares of the basic materials company's stock after selling 4,984 shares during the quarter. Gateway Investment Advisers LLC's holdings in Eastman Chemical were worth $3,201,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Picton Mahoney Asset Management lifted its position in shares of Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after buying an additional 124 shares during the last quarter. Assetmark Inc. raised its stake in Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after acquiring an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth about $35,000. Stonebridge Financial Group LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth about $37,000. Finally, Headlands Technologies LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $43,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Wall Street Analyst Weigh In

EMN has been the subject of a number of research analyst reports. Morgan Stanley lowered their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. The Goldman Sachs Group decreased their target price on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. UBS Group lowered their price target on shares of Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Wells Fargo & Company cut their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and set a $76.00 price objective (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $98.54.

Eastman Chemical Trading Down 1.5%

NYSE EMN traded down $1.20 on Wednesday, reaching $80.07. The company had a trading volume of 966,694 shares, compared to its average volume of 1,163,408. The firm has a market cap of $9.24 billion, a price-to-earnings ratio of 10.43, a P/E/G ratio of 1.22 and a beta of 1.25. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. Eastman Chemical has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The business has a 50 day moving average of $78.72 and a two-hundred day moving average of $89.36.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the company posted $1.61 EPS. The business's revenue was down .9% on a year-over-year basis. Analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's dividend payout ratio is presently 42.24%.

About Eastman Chemical

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.