Gateway Investment Advisers LLC Sells 4,984 Shares of Eastman Chemical (NYSE:EMN)

Gateway Investment Advisers LLC trimmed its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 12.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. 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 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in EMN. Brighton Jones LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $202,000. DAVENPORT & Co LLC lifted its position in Eastman Chemical by 11.1% in the fourth quarter. DAVENPORT & Co LLC now owns 3,059 shares of the basic materials company's stock worth $279,000 after buying an additional 305 shares during the last quarter. Mather Group LLC. boosted its stake in Eastman Chemical by 14.2% during the fourth quarter. Mather Group LLC. now owns 1,470 shares of the basic materials company's stock worth $134,000 after buying an additional 183 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Eastman Chemical by 28.7% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 15,903 shares of the basic materials company's stock valued at $1,456,000 after acquiring an additional 3,543 shares during the last quarter. Finally, Choreo LLC increased its position in Eastman Chemical by 2.8% during the fourth quarter. Choreo LLC now owns 13,461 shares of the basic materials company's stock valued at $1,226,000 after acquiring an additional 361 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Trading Up 0.7%

Shares of EMN opened at $78.88 on Friday. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $9.11 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.22 and a beta of 1.25. The firm has a 50-day moving average price of $78.86 and a 200 day moving average price of $89.69. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50.

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

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a $0.83 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.21%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Analyst Ratings Changes

A number of research firms recently commented on EMN. Royal Bank of Canada raised 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 research note on Wednesday, April 9th. UBS Group dropped their target price on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. The Goldman Sachs Group reduced their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company decreased their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Finally, Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a research report on Thursday, April 3rd. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.54.

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.

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 (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 and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.