Regents Gate Capital LLP Sells 110,735 Shares of Eastman Chemical Company (NYSE:EMN)

Regents Gate Capital LLP cut its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 98.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Capital Research Global Investors grew its stake in shares of Eastman Chemical by 13.4% during the fourth 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. Franklin Resources Inc. grew its stake in shares of Eastman Chemical by 10.8% during the fourth 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 last quarter. Invesco Ltd. grew its stake in shares of Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after acquiring an additional 284,271 shares during the last quarter. Massachusetts Financial Services Co. MA grew its stake in shares of Eastman Chemical by 4.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock worth $259,669,000 after acquiring an additional 109,316 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Eastman Chemical by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock worth $257,986,000 after acquiring an additional 48,491 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of research reports. Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a report on Thursday, April 3rd. The Goldman Sachs Group decreased their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. KeyCorp decreased their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. UBS Group decreased their price target on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $76.00 price objective (down 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 given a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Stock Up 2.7%

NYSE EMN opened at $80.41 on Wednesday. Eastman Chemical Company has a 52 week low of $70.90 and a 52 week high of $114.50. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80. The business's fifty day simple moving average is $78.72 and its 200-day simple moving average is $86.20. The firm has a market cap of $9.28 billion, a PE ratio of 10.23, a P/E/G ratio of 1.87 and a beta of 1.22.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The business 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 firm earned $1.61 EPS. The company's quarterly revenue was down .9% compared to the same quarter last year. As a group, equities analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.13%. The ex-dividend date of this dividend was Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) 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.

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