Cresset Asset Management LLC Has $6.97 Million Stake in Eastman Chemical (NYSE:EMN)

Cresset Asset Management LLC reduced its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 19.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 75,698 shares of the basic materials company's stock after selling 18,116 shares during the period. Cresset Asset Management LLC owned about 0.07% of Eastman Chemical worth $6,974,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of EMN. Crestline Management LP purchased a new position in Eastman Chemical during the 4th quarter valued at about $3,057,000. Cetera Investment Advisers grew its position in Eastman Chemical by 1.4% during the fourth quarter. Cetera Investment Advisers now owns 52,509 shares of the basic materials company's stock valued at $4,795,000 after acquiring an additional 709 shares during the last quarter. Centiva Capital LP purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $2,376,000. Brevan Howard Capital Management LP bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $978,000. Finally, Captrust Financial Advisors grew its stake in shares of Eastman Chemical by 1.7% in the fourth quarter. Captrust Financial Advisors now owns 25,122 shares of the basic materials company's stock worth $2,294,000 after purchasing an additional 421 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Analysts Set New Price Targets

EMN has been the topic of a number of analyst reports. The Goldman Sachs Group dropped their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. Barclays lowered their target price on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 29th. StockNews.com lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Morgan Stanley lowered their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Finally, Wells Fargo & Company dropped their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Eastman Chemical currently has an average rating of "Moderate Buy" and a consensus target price of $99.15.

Eastman Chemical Stock Performance

Shares of NYSE:EMN traded up $5.25 on Monday, reaching $82.75. The company's stock had a trading volume of 1,887,018 shares, compared to its average volume of 1,058,242. The stock's 50-day moving average is $83.14 and its two-hundred day moving average is $92.64. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The stock has a market capitalization of $9.55 billion, a P/E ratio of 10.77, a PEG ratio of 1.22 and a beta of 1.29. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the company earned $1.61 EPS. The company's quarterly revenue was down .9% on a year-over-year basis. As a group, sell-side analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.01%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio is presently 42.24%.

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.