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

Tremblant Capital Group increased its stake in Eastman Chemical (NYSE:EMN - Free Report) by 15.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,128 shares of the basic materials company's stock after purchasing an additional 4,180 shares during the period. Tremblant Capital Group's holdings in Eastman Chemical were worth $2,934,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. James J. Burns & Company LLC bought a new position in Eastman Chemical in the 4th quarter worth approximately $741,000. Goelzer Investment Management Inc. bought a new position in Eastman Chemical in the 4th quarter worth approximately $3,319,000. Dakota Wealth Management raised its position in Eastman Chemical by 14.6% in the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company's stock worth $4,081,000 after purchasing an additional 5,700 shares during the last quarter. Olstein Capital Management L.P. raised its position in Eastman Chemical by 16.1% in the 4th quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock worth $6,098,000 after purchasing an additional 9,279 shares during the last quarter. Finally, Barclays PLC raised its position in Eastman Chemical by 3.5% in the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock worth $35,268,000 after purchasing an additional 10,695 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on EMN. Royal Bank of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a research note on Wednesday, April 9th. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price target for the company from $105.00 to $101.00 in a research note on Friday, April 4th. The Goldman Sachs Group cut their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Barclays lowered their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. Finally, KeyCorp lowered their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, Eastman Chemical presently has an average rating of "Moderate Buy" and an average target price of $99.15.

Eastman Chemical Stock Down 0.1%

NYSE EMN traded down $0.07 on Thursday, reaching $81.41. The company had a trading volume of 1,200,902 shares, compared to its average volume of 1,084,546. The company's fifty day moving average is $81.07 and its 200-day moving average is $91.55. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The firm has a market capitalization of $9.40 billion, a price-to-earnings ratio of 10.60, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29.

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. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the business posted $1.61 EPS. The company's quarterly revenue was down .9% on a year-over-year basis. On average, research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be paid a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.08%. Eastman Chemical's dividend payout ratio (DPR) is currently 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.