Envestnet Asset Management Inc. Has $84.12 Million Holdings in Eastman Chemical Company (NYSE:EMN)

Envestnet Asset Management Inc. grew its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 4.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 954,675 shares of the basic materials company's stock after acquiring an additional 41,537 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.83% of Eastman Chemical worth $84,116,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Picton Mahoney Asset Management increased its stake in Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 124 shares during the last quarter. Roman Butler Fullerton & Co. grew its position in shares of Eastman Chemical by 6.1% during the 1st quarter. Roman Butler Fullerton & Co. now owns 2,864 shares of the basic materials company's stock valued at $252,000 after buying an additional 164 shares during the last quarter. Goelzer Investment Management Inc. raised its stake in Eastman Chemical by 0.5% during the first quarter. Goelzer Investment Management Inc. now owns 36,505 shares of the basic materials company's stock worth $3,216,000 after acquiring an additional 164 shares during the period. Avantax Advisory Services Inc. lifted its holdings in shares of Eastman Chemical by 1.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 10,296 shares of the basic materials company's stock worth $940,000 after purchasing an additional 167 shares during the last quarter. Finally, Checchi Capital Advisers LLC grew its position in shares of Eastman Chemical by 6.0% during the first quarter. Checchi Capital Advisers LLC now owns 3,064 shares of the basic materials company's stock worth $270,000 after acquiring an additional 174 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Wells Fargo & Company cut their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. 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 research report on Tuesday, April 29th. KeyCorp decreased their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Morgan Stanley cut their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Finally, Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their target price for the company from $105.00 to $101.00 in a research note on Friday, April 4th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $98.08.

Eastman Chemical Trading Down 1.6%

Shares of Eastman Chemical stock traded down $1.27 during trading on Friday, hitting $80.29. The stock had a trading volume of 818,507 shares, compared to its average volume of 1,246,465. Eastman Chemical Company has a 1 year low of $70.90 and a 1 year high of $114.50. The stock has a 50 day simple moving average of $78.94 and a 200 day simple moving average of $86.01. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $9.27 billion, a PE ratio of 10.22, a P/E/G ratio of 1.95 and a beta of 1.22.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The company's revenue was down .9% on a year-over-year basis. During the same quarter last year, the business posted $1.61 EPS. On average, research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date of this dividend was Friday, June 13th. Eastman Chemical's payout ratio is presently 42.24%.

About Eastman Chemical

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.