Gateway Investment Advisers LLC grew its holdings in shares of Eastman Chemical (NYSE:EMN) by 19.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 272,686 shares of the basic materials company’s stock after acquiring an additional 43,826 shares during the quarter. Gateway Investment Advisers LLC’s holdings in Eastman Chemical were worth $20,691,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. CSat Investment Advisory L.P. raised its stake in Eastman Chemical by 125.2% during the fourth quarter. CSat Investment Advisory L.P. now owns 349 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 194 shares in the last quarter. JNBA Financial Advisors acquired a new position in Eastman Chemical during the fourth quarter worth about $28,000. Nalls Sherbakoff Group LLC acquired a new position in Eastman Chemical during the fourth quarter worth about $28,000. Moody National Bank Trust Division acquired a new position in Eastman Chemical during the fourth quarter worth about $29,000. Finally, Capital Financial Planning LLC acquired a new position in Eastman Chemical during the fourth quarter worth about $29,000. 82.91% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical stock opened at $81.63 on Thursday. Eastman Chemical has a 1 year low of $67.40 and a 1 year high of $110.17. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.82 and a quick ratio of 0.96. The company has a market capitalization of $11.26 billion, a PE ratio of 9.92, a PEG ratio of 1.06 and a beta of 1.14.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.60 by ($0.21). Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.42 billion. On average, sell-side analysts predict that Eastman Chemical will post 8.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.04%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is currently 30.24%.

Several research analysts have commented on the company. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Monday. Cowen downgraded Eastman Chemical from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $94.00 to $88.00 in a research note on Wednesday, February 6th. Standpoint Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, January 31st. Finally, Morgan Stanley raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 target price for the company in a research note on Thursday, January 17th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Eastman Chemical has a consensus rating of “Hold” and a consensus price target of $92.90.

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About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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

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