Gateway Investment Advisers LLC Sells 8,040 Shares of Eastman Chemical (NYSE:EMN)

Gateway Investment Advisers LLC trimmed its position in shares of Eastman Chemical (NYSE:EMN) by 5.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 142,658 shares of the basic materials company’s stock after selling 8,040 shares during the period. Gateway Investment Advisers LLC owned 0.12% of Eastman Chemical worth $13,976,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the company. SG Americas Securities LLC raised its position in shares of Eastman Chemical by 44.4% in the second quarter. SG Americas Securities LLC now owns 36,554 shares of the basic materials company’s stock valued at $3,581,000 after purchasing an additional 11,245 shares during the period. Opal Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical during the 2nd quarter valued at approximately $132,000. Kwmg LLC lifted its stake in shares of Eastman Chemical by 9.7% during the 2nd quarter. Kwmg LLC now owns 48,436 shares of the basic materials company’s stock valued at $4,745,000 after buying an additional 4,300 shares in the last quarter. QRG Capital Management Inc. lifted its stake in shares of Eastman Chemical by 17.6% during the 2nd quarter. QRG Capital Management Inc. now owns 34,238 shares of the basic materials company’s stock valued at $3,354,000 after buying an additional 5,133 shares in the last quarter. Finally, First National Bank of Mount Dora Trust Investment Services lifted its stake in shares of Eastman Chemical by 4.1% during the 2nd quarter. First National Bank of Mount Dora Trust Investment Services now owns 6,966 shares of the basic materials company’s stock valued at $682,000 after buying an additional 273 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

EMN has been the topic of a number of recent research reports. Piper Sandler restated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and upped their price target for the company from $102.00 to $125.00 in a research note on Monday, April 29th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays increased their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Bank of America lowered their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded down $0.40 during trading on Friday, reaching $95.06. The company had a trading volume of 705,647 shares, compared to its average volume of 989,634. The company has a fifty day moving average of $98.45 and a two-hundred day moving average of $95.20. The stock has a market capitalization of $11.18 billion, a P/E ratio of 12.25, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. Equities research analysts forecast that Eastman Chemical will post 7.67 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.93% of the stock is owned by insiders.

Eastman Chemical Company 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.