Altrius Capital Management Inc Buys 265 Shares of Eastman Chemical (NYSE:EMN)

Altrius Capital Management Inc increased its stake in shares of Eastman Chemical (NYSE:EMN) by 0.6% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 45,964 shares of the basic materials company’s stock after purchasing an additional 265 shares during the period. Altrius Capital Management Inc’s holdings in Eastman Chemical were worth $4,503,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in EMN. Bessemer Group Inc. lifted its holdings in shares of Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after buying an additional 12,392 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new position in Eastman Chemical in the first quarter worth about $1,681,000. Empowered Funds LLC bought a new stake in shares of Eastman Chemical during the 1st quarter valued at about $594,000. Dakota Wealth Management increased its position in shares of Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in shares of Eastman Chemical by 11.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after purchasing an additional 7,717 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

EMN has been the subject of several recent research reports. Barclays boosted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Finally, UBS Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Trading Up 0.4 %

EMN stock opened at $106.38 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $108.04. The business has a 50 day simple moving average of $99.10 and a two-hundred day simple moving average of $98.17. The company has a market capitalization of $12.52 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The firm had revenue of $2.36 billion during 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 in the prior year, the business earned $1.99 earnings per share. Research analysts anticipate that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.05%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

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.