Eastman Chemical (NYSE:EMN) Shares Acquired by Tremblant Capital Group

Tremblant Capital Group increased its position in shares of Eastman Chemical (NYSE:EMN) by 15.9% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 25,820 shares of the basic materials company’s stock after purchasing an additional 3,534 shares during the period. Tremblant Capital Group’s holdings in Eastman Chemical were worth $2,530,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in EMN. Gilbert & Cook Inc. increased its holdings in Eastman Chemical by 5.0% in the fourth quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock valued at $400,000 after buying an additional 212 shares in the last quarter. Nomura Asset Management Co. Ltd. increased its holdings in Eastman Chemical by 2.7% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 59,320 shares of the basic materials company’s stock valued at $5,328,000 after buying an additional 1,578 shares in the last quarter. Intech Investment Management LLC increased its holdings in Eastman Chemical by 3.5% in the fourth quarter. Intech Investment Management LLC now owns 44,374 shares of the basic materials company’s stock valued at $3,986,000 after buying an additional 1,518 shares in the last quarter. Hsbc Holdings PLC increased its holdings in Eastman Chemical by 7.9% in the fourth quarter. Hsbc Holdings PLC now owns 198,298 shares of the basic materials company’s stock valued at $17,826,000 after buying an additional 14,438 shares in the last quarter. Finally, TD Asset Management Inc increased its holdings in Eastman Chemical by 3.6% in the fourth quarter. TD Asset Management Inc now owns 65,396 shares of the basic materials company’s stock valued at $5,874,000 after buying an additional 2,262 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 1.3 %

Shares of EMN opened at $108.00 on Tuesday. The firm has a market cap of $12.71 billion, a PE ratio of 13.92, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44. The company’s fifty day moving average is $99.67 and its two-hundred day moving average is $98.66. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $108.81. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. Eastman Chemical’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the business earned $1.99 EPS. Analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Analyst Ratings Changes

EMN has been the subject of a number of research analyst reports. Barclays increased their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Mizuho increased their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.07.

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.