Envestnet Asset Management Inc. Buys 28,891 Shares of Eastman Chemical (NYSE:EMN)

Envestnet Asset Management Inc. grew its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 3.3% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 913,138 shares of the basic materials company's stock after acquiring an additional 28,891 shares during the period. Envestnet Asset Management Inc. owned about 0.79% of Eastman Chemical worth $83,388,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. Crews Bank & Trust bought a new position in Eastman Chemical in the fourth quarter worth $27,000. Picton Mahoney Asset Management increased its stake in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after acquiring an additional 124 shares in the last quarter. Assetmark Inc. lifted its position in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC purchased a new position in Eastman Chemical during the 4th quarter valued at about $35,000. Finally, Stonebridge Financial Group LLC bought a new stake in Eastman Chemical during the fourth quarter worth about $37,000. Institutional investors own 83.65% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on EMN. KeyCorp lowered their target price on shares of Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating for the company in a report on Monday. Barclays dropped their target price on Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. JPMorgan Chase & Co. raised their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $115.00 to $109.00 in a research note on Tuesday, January 14th. Finally, Royal Bank of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a research note on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $107.08.

Eastman Chemical Stock Performance

EMN traded up $1.35 during mid-day trading on Monday, reaching $79.70. 257,102 shares of the company traded hands, compared to its average volume of 1,219,936. The company's fifty day moving average price is $92.01 and its 200-day moving average price is $97.13. The stock has a market capitalization of $9.18 billion, a P/E ratio of 10.38, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. 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 posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, sell-side analysts expect that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were issued a dividend of $0.83 per share. The ex-dividend date was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 4.17%. Eastman Chemical's dividend payout ratio is currently 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.