Regents Gate Capital LLP Cuts Stake in Eastman Chemical Company (NYSE:EMN)

Regents Gate Capital LLP decreased its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 98.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm 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 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Picton Mahoney Asset Management raised its position in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 124 shares during the period. Assetmark Inc. grew 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 valued at $34,000 after acquiring an additional 296 shares in the last quarter. Headlands Technologies LLC purchased a new position in Eastman Chemical during the fourth quarter valued at approximately $43,000. Orion Capital Management LLC purchased a new position in Eastman Chemical during the fourth quarter valued at approximately $47,000. Finally, TD Private Client Wealth LLC grew its stake in Eastman Chemical by 46.4% during the first quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company's stock valued at $47,000 after acquiring an additional 170 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

Wall Street Analysts Forecast Growth

EMN has been the subject of several recent analyst reports. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Wells Fargo & Company reduced their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. KeyCorp cut their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Wall Street Zen cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Morgan Stanley cut their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $98.08.

Eastman Chemical Trading Down 0.0%

NYSE:EMN traded down $0.03 during midday trading on Wednesday, reaching $80.40. 1,185,450 shares of the stock traded hands, compared to its average volume of 1,240,637. The company has a fifty day moving average of $78.72 and a 200 day moving average of $86.20. Eastman Chemical Company has a 12 month low of $70.90 and a 12 month high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72. The stock has a market capitalization of $9.28 billion, a P/E ratio of 10.23, a PEG 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, beating analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the business posted $1.61 EPS. The firm's revenue was down .9% compared to the same quarter last year. On average, research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th were issued a $0.83 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.13%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Eastman Chemical 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.