Regents Gate Capital LLP Buys 76,012 Shares of Eastman Chemical Company $EMN

Regents Gate Capital LLP raised its stake in shares of Eastman Chemical Company (NYSE:EMN) by 5,681.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 77,350 shares of the basic materials company’s stock after purchasing an additional 76,012 shares during the period. Eastman Chemical makes up 2.0% of Regents Gate Capital LLP’s portfolio, making the stock its 19th biggest position. Regents Gate Capital LLP’s holdings in Eastman Chemical were worth $5,775,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of EMN. Miller Howard Investments Inc. NY bought a new stake in Eastman Chemical during the second quarter valued at approximately $26,212,000. Nuveen LLC bought a new stake in Eastman Chemical during the first quarter valued at approximately $26,289,000. Atlantic Investment Management Inc. bought a new stake in Eastman Chemical during the first quarter valued at approximately $22,167,000. Dimensional Fund Advisors LP lifted its position in Eastman Chemical by 8.5% during the first quarter. Dimensional Fund Advisors LP now owns 2,588,331 shares of the basic materials company’s stock valued at $228,042,000 after purchasing an additional 202,740 shares during the last quarter. Finally, Jones Financial Companies Lllp lifted its position in Eastman Chemical by 5,315.9% during the first quarter. Jones Financial Companies Lllp now owns 200,011 shares of the basic materials company’s stock valued at $17,623,000 after purchasing an additional 196,318 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Down 0.5%

Shares of NYSE EMN opened at $59.45 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. Eastman Chemical Company has a 52 week low of $56.78 and a 52 week high of $107.50. The firm’s fifty day moving average is $64.30 and its 200 day moving average is $71.82. The company has a market cap of $6.83 billion, a price-to-earnings ratio of 8.35, a PEG ratio of 6.16 and a beta of 1.29.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing the consensus estimate of $1.72 by ($0.12). Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the previous year, the firm earned $2.15 earnings per share. The firm’s quarterly revenue was down 3.2% compared to the same quarter last year. On average, equities research analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Investors of record on Monday, September 15th were paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 5.6%. The ex-dividend date of this dividend was Monday, September 15th. Eastman Chemical’s payout ratio is presently 46.63%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. KeyCorp set a $79.00 target price on shares of Eastman Chemical and gave the company an “overweight” rating in a research report on Monday, August 4th. Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Friday, October 24th. Citigroup lifted their price target on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Thursday, October 2nd. Mizuho decreased their price target on shares of Eastman Chemical from $80.00 to $75.00 and set an “outperform” rating on the stock in a research note on Friday, October 3rd. Finally, Bank of America decreased their price target on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, October 14th. Eight investment analysts have rated the stock with a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.62.

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.