Gateway Investment Advisers LLC Reduces Position in Eastman Chemical (EMN)

Gateway Investment Advisers LLC lowered its holdings in shares of Eastman Chemical (NYSE:EMN) by 8.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 213,585 shares of the basic materials company’s stock after selling 18,682 shares during the period. Gateway Investment Advisers LLC’s holdings in Eastman Chemical were worth $19,787,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Janus Henderson Group PLC boosted its stake in Eastman Chemical by 38.6% during the second quarter. Janus Henderson Group PLC now owns 25,832 shares of the basic materials company’s stock worth $2,170,000 after acquiring an additional 7,199 shares in the last quarter. Private Advisor Group LLC boosted its stake in Eastman Chemical by 106.7% during the third quarter. Private Advisor Group LLC now owns 8,697 shares of the basic materials company’s stock worth $783,000 after acquiring an additional 4,490 shares in the last quarter. Personal Capital Advisors Corp boosted its stake in Eastman Chemical by 3.1% during the third quarter. Personal Capital Advisors Corp now owns 221,806 shares of the basic materials company’s stock worth $20,071,000 after acquiring an additional 6,675 shares in the last quarter. Green Square Capital LLC boosted its stake in Eastman Chemical by 2.7% during the second quarter. Green Square Capital LLC now owns 78,593 shares of the basic materials company’s stock worth $6,642,000 after acquiring an additional 2,096 shares in the last quarter. Finally, Aperio Group LLC lifted its stake in shares of Eastman Chemical by 6.7% in the third quarter. Aperio Group LLC now owns 93,816 shares of the basic materials company’s stock worth $8,489,000 after buying an additional 5,907 shares in the last quarter. 82.74% of the stock is currently owned by institutional investors and hedge funds.

EMN has been the topic of several analyst reports. UBS Group upped their target price on shares of Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a research note on Friday, October 27th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $93.00 target price (up previously from $91.00) on shares of Eastman Chemical in a research note on Monday, October 30th. Tudor Pickering initiated coverage on shares of Eastman Chemical in a research note on Tuesday, November 14th. They issued a “hold” rating on the stock. Cowen reiterated an “outperform” rating and issued a $106.00 target price (up previously from $92.00) on shares of Eastman Chemical in a research note on Friday, December 8th. Finally, JPMorgan Chase & Co. upped their target price on shares of Eastman Chemical from $95.00 to $105.00 and gave the stock an “overweight” rating in a research note on Monday, October 30th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $98.60.

In related news, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction that occurred on 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 filing with the SEC, which is available at the SEC website. 1.14% of the stock is owned by corporate insiders.

Eastman Chemical (EMN) opened at $96.86 on Thursday. The firm has a market cap of $13,914.93, a P/E ratio of 13.88, a P/E/G ratio of 1.43 and a beta of 1.31. Eastman Chemical has a 52-week low of $74.78 and a 52-week high of $98.24. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.16. The company had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.86 earnings per share. equities analysts expect that Eastman Chemical will post 7.12 EPS for the current year.

The business also recently disclosed 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. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend was Friday, December 15th. This represents a $2.24 dividend on an annualized basis and a yield of 2.31%. Eastman Chemical’s dividend payout ratio is 32.09%.

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

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