Tremblant Capital Group Acquires 4,180 Shares of Eastman Chemical (NYSE:EMN)

Tremblant Capital Group grew its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 15.0% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 32,128 shares of the basic materials company's stock after purchasing an additional 4,180 shares during the quarter. Tremblant Capital Group's holdings in Eastman Chemical were worth $2,934,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently modified their holdings of EMN. Crews Bank & Trust acquired a new position in shares of Eastman Chemical in the fourth quarter worth about $27,000. Picton Mahoney Asset Management boosted its holdings in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after buying an additional 124 shares during the period. Assetmark Inc. boosted its holdings in shares of Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after buying an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical in the fourth quarter worth about $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Eastman Chemical in the fourth quarter worth about $37,000. Institutional investors own 83.65% of the company's stock.

Analysts Set New Price Targets

Several analysts recently commented on EMN shares. Wells Fargo & Company decreased their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. KeyCorp decreased their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Morgan Stanley decreased their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Monday, April 28th. UBS Group decreased their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 7th. Finally, Wall Street Zen cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $99.15.

Eastman Chemical Stock Down 0.9%

Shares of NYSE EMN traded down $0.77 during trading hours on Friday, hitting $80.59. The company had a trading volume of 1,056,459 shares, compared to its average volume of 1,086,365. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50. The firm's 50 day moving average is $80.66 and its 200-day moving average is $91.28. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $9.30 billion, a P/E ratio of 10.49, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results 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. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The company had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the business earned $1.61 earnings per share. Eastman Chemical's revenue was down .9% on a year-over-year basis. On average, analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.12%. Eastman Chemical's dividend 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.