Gateway Investment Advisers LLC Sells 14,773 Shares of Eastman Chemical Company $EMN
by Teresa Graham · The Cerbat GemGateway Investment Advisers LLC cut its stake in Eastman Chemical Company (NYSE:EMN – Free Report) by 35.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 26,647 shares of the basic materials company’s stock after selling 14,773 shares during the period. Gateway Investment Advisers LLC’s holdings in Eastman Chemical were worth $1,680,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in EMN. Vontobel Holding Ltd. acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at about $392,000. Y Intercept Hong Kong Ltd lifted its stake in Eastman Chemical by 235.2% in the second quarter. Y Intercept Hong Kong Ltd now owns 66,200 shares of the basic materials company’s stock valued at $4,942,000 after buying an additional 46,453 shares during the period. Nisa Investment Advisors LLC boosted its holdings in shares of Eastman Chemical by 19.2% during the 2nd quarter. Nisa Investment Advisors LLC now owns 67,112 shares of the basic materials company’s stock worth $5,066,000 after buying an additional 10,813 shares in the last quarter. Bank of Montreal Can grew its position in shares of Eastman Chemical by 9.2% during the 2nd quarter. Bank of Montreal Can now owns 472,384 shares of the basic materials company’s stock worth $35,268,000 after buying an additional 39,930 shares during the period. Finally, Vanguard Group Inc. increased its stake in shares of Eastman Chemical by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock valued at $1,094,485,000 after acquiring an additional 79,988 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.
Eastman Chemical Stock Performance
Shares of Eastman Chemical stock opened at $64.76 on Tuesday. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $103.82. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. The business has a 50 day moving average price of $61.72 and a 200-day moving average price of $66.25. The company has a market cap of $7.39 billion, a PE ratio of 10.81, a price-to-earnings-growth ratio of 6.19 and a beta of 1.23.
Eastman Chemical (NYSE:EMN – Get Free Report) last announced its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.04). Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.The company had revenue of $2.20 billion for the quarter, compared to the consensus estimate of $2.28 billion. During the same quarter last year, the company posted $2.26 EPS. The company’s quarterly revenue was down 10.6% compared to the same quarter last year. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. Equities analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.
Eastman Chemical Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Monday, December 15th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Monday, December 15th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.83. This represents a $3.36 dividend on an annualized basis and a dividend yield of 5.2%. Eastman Chemical’s payout ratio is 56.09%.
Analyst Upgrades and Downgrades
Several research analysts recently issued reports on the stock. Evercore ISI cut their target price on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a research note on Tuesday, November 11th. Mizuho cut their price objective on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research report on Friday, October 3rd. Royal Bank Of Canada set a $71.00 target price on Eastman Chemical in a research report on Tuesday, October 14th. UBS Group dropped their price target on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Finally, Citigroup raised their price objective on Eastman Chemical from $70.00 to $72.00 and gave the company a “buy” rating in a research note on Thursday, December 18th. Seven equities research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $78.77.
About Eastman Chemical
Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.
The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.
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