Altrius Capital Management Inc Buys 21,586 Shares of Eastman Chemical Company $EMN

Altrius Capital Management Inc raised its position in Eastman Chemical Company (NYSE:EMN) by 37.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 78,612 shares of the basic materials company’s stock after purchasing an additional 21,586 shares during the quarter. Altrius Capital Management Inc’s holdings in Eastman Chemical were worth $4,957,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical in the second quarter valued at approximately $25,000. Ameritas Advisory Services LLC acquired a new stake in shares of Eastman Chemical during the second quarter worth about $32,000. Loomis Sayles & Co. L P bought a new stake in shares of Eastman Chemical during the second quarter worth $33,000. Financial Consulate Inc. bought a new position in shares of Eastman Chemical during the third quarter worth about $42,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in shares of Eastman Chemical in the third quarter valued at approximately $44,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Up 3.4%

Shares of NYSE:EMN opened at $78.51 on Thursday. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $103.82. The business has a 50 day moving average of $65.90 and a 200-day moving average of $65.03. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. The stock has a market cap of $8.96 billion, a PE ratio of 19.20, a P/E/G ratio of 7.67 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The firm had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the previous year, the business posted $1.87 earnings per share. The business’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, equities research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Monday, December 15th were given a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date was Monday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio is currently 82.15%.

Analyst Ratings Changes

Several research analysts have weighed in on EMN shares. Deutsche Bank Aktiengesellschaft boosted their price target on Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research report on Monday. Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a report on Friday, December 19th. KeyCorp reissued an “overweight” rating on shares of Eastman Chemical in a research report on Monday. UBS Group cut their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research report on Wednesday, November 5th. Finally, Royal Bank Of Canada reissued a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a report on Wednesday. Seven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $78.86.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.