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

Eastman Chemical logo with Basic Materials background

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.

Get Our Latest Stock Report on EMN

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

(Free Report)

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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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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.

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