Eastman Chemical (NYSE:EMN) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lessened its stake in Eastman Chemical (NYSE:EMN) by 1.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 75,848 shares of the basic materials company’s stock after selling 1,267 shares during the period. Envestnet Portfolio Solutions Inc. owned 0.07% of Eastman Chemical worth $6,926,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. Crews Bank & Trust purchased a new stake in shares of Eastman Chemical in the fourth quarter valued at about $27,000. Picton Mahoney Asset Management raised 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 valued at $29,000 after buying an additional 124 shares during the last quarter. Assetmark Inc. raised 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 valued at $34,000 after buying an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter valued at about $35,000. Finally, Dunhill Financial LLC raised its holdings in shares of Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after buying an additional 162 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price target for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. JPMorgan Chase & Co. increased their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Mizuho increased their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. UBS Group cut their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a report on Friday, January 31st. Finally, Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Trading Up 0.2 %

Shares of Eastman Chemical stock opened at $91.23 on Tuesday. Eastman Chemical has a 12-month low of $86.70 and a 12-month high of $114.50. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock has a market cap of $10.51 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a 50-day moving average of $95.74 and a two-hundred day moving average of $100.00.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, research analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.64%. Eastman Chemical’s dividend payout ratio is presently 43.23%.

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.