Gateway Investment Advisers LLC decreased its position in Eastman Chemical (NYSE:EMN) by 8.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 213,585 shares of the basic materials company’s stock after selling 18,682 shares during the quarter. Gateway Investment Advisers LLC owned approximately 0.15% of Eastman Chemical worth $19,787,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in EMN. AXA increased its position in shares of Eastman Chemical by 1.4% in the second quarter. AXA now owns 14,200 shares of the basic materials company’s stock valued at $1,193,000 after acquiring an additional 200 shares during the period. Alliancebernstein L.P. increased its position in shares of Eastman Chemical by 13.9% in the second quarter. Alliancebernstein L.P. now owns 326,255 shares of the basic materials company’s stock valued at $27,402,000 after acquiring an additional 39,923 shares during the period. Amalgamated Bank increased its position in shares of Eastman Chemical by 58.4% in the second quarter. Amalgamated Bank now owns 16,400 shares of the basic materials company’s stock valued at $1,377,000 after acquiring an additional 6,045 shares during the period. Lazard Asset Management LLC increased its position in shares of Eastman Chemical by 19.5% in the second quarter. Lazard Asset Management LLC now owns 163,291 shares of the basic materials company’s stock valued at $13,714,000 after acquiring an additional 26,692 shares during the period. Finally, Quantitative Investment Management LLC purchased a new position in shares of Eastman Chemical in the second quarter valued at about $5,837,000. Hedge funds and other institutional investors own 82.74% of the company’s stock.
In related news, SVP Perry Stuckey sold 5,200 shares of the business’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.14% of the stock is owned by insiders.
Eastman Chemical (EMN) opened at $96.86 on Thursday. Eastman Chemical has a 52-week low of $74.78 and a 52-week high of $98.24. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. The stock has a market cap of $13,914.93, a PE ratio of 13.88, a P/E/G ratio of 1.43 and a beta of 1.31.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.16. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The company had revenue of $2.47 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the company earned $1.86 earnings per share. Eastman Chemical’s quarterly revenue was up 7.8% on a year-over-year basis. research analysts forecast that Eastman Chemical will post 7.12 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Monday, December 18th were given a dividend of $0.56 per share. The ex-dividend date was Friday, December 15th. This represents a $2.24 annualized dividend and a dividend yield of 2.31%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s payout ratio is currently 32.09%.
A number of equities analysts have issued reports on the stock. Jefferies Group restated a “buy” rating and issued a $96.00 price objective on shares of Eastman Chemical in a research report on Tuesday, October 3rd. Nomura cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective on the stock. in a research report on Tuesday, October 10th. Wells Fargo & Co restated an “outperform” rating and issued a $102.00 price objective (up previously from $94.00) on shares of Eastman Chemical in a research report on Monday, October 30th. They noted that the move was a valuation call. Cowen restated an “outperform” rating and issued a $106.00 price objective (up previously from $92.00) on shares of Eastman Chemical in a research report on Friday, December 8th. Finally, Goldman Sachs Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $81.00 to $101.00 in a research report on Thursday, September 28th. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $98.60.
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Eastman Chemical Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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