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

Regents Gate Capital LLP decreased its stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 98.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,338 shares of the basic materials company's stock after selling 110,735 shares during the period. Regents Gate Capital LLP's holdings in Eastman Chemical were worth $118,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in EMN. Capital World Investors acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $137,848,000. Norges Bank acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $137,416,000. Wealthfront Advisers LLC boosted its stake in shares of Eastman Chemical by 3,136.8% during 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 increased its holdings in shares of Eastman Chemical by 13.4% during 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 last quarter. Finally, Franklin Resources Inc. raised its stake in 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 valued at $528,310,000 after acquiring an additional 565,821 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Eastman Chemical stock traded down $1.27 during midday trading on Friday, reaching $80.29. 818,507 shares of the stock were exchanged, compared to its average volume of 1,244,236. The company's fifty day moving average is $78.89 and its 200-day moving average is $86.09. Eastman Chemical Company has a 52 week low of $70.90 and a 52 week high of $114.50. The firm has a market cap of $9.27 billion, a PE ratio of 10.22, a PEG ratio of 1.92 and a beta of 1.22. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm's revenue was down .9% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.61 EPS. On average, sell-side analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th were given a $0.83 dividend. The ex-dividend date was Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.14%. Eastman Chemical's dividend payout ratio is currently 42.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on EMN shares. KeyCorp reduced their price objective on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Piper Sandler reduced their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Wells Fargo & Company lowered their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 price objective (down previously from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Finally, The Goldman Sachs Group reduced their price objective 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. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $98.08.

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.