BTC Capital Management Inc. Acquires 5,574 Shares of Eastman Chemical (NYSE:EMN)

BTC Capital Management Inc. lifted its stake in Eastman Chemical (NYSE:EMN - Free Report) by 35.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 21,389 shares of the basic materials company's stock after acquiring an additional 5,574 shares during the period. BTC Capital Management Inc.'s holdings in Eastman Chemical were worth $1,885,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Crews Bank & Trust acquired a new stake in Eastman Chemical during the fourth quarter worth $27,000. Picton Mahoney Asset Management boosted its stake in Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after buying an additional 124 shares in the last quarter. Assetmark Inc. boosted its stake in Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after buying an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in Eastman Chemical during the fourth quarter worth $35,000. Finally, Stonebridge Financial Group LLC acquired a new stake in Eastman Chemical during the fourth quarter worth $37,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Wall Street Analysts Forecast Growth

EMN has been the subject of a number of analyst reports. Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Royal Bank of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a report on Wednesday, April 9th. UBS Group cut their price objective on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Wells Fargo & Company cut their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Finally, Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price objective for the company from $105.00 to $101.00 in a report on Friday, April 4th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $98.54.

Eastman Chemical Trading Up 0.4%

EMN stock traded up $0.29 during midday trading on Monday, reaching $78.66. The stock had a trading volume of 3,095,908 shares, compared to its average volume of 1,145,396. The business has a fifty day simple moving average of $79.76 and a two-hundred day simple moving average of $90.40. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The firm has a market cap of $9.08 billion, a price-to-earnings ratio of 10.24, a PEG ratio of 1.22 and a beta of 1.29. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The company's revenue was down .9% on a year-over-year basis. During the same period last year, the company earned $1.61 earnings per share. As a group, research analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.22%. Eastman Chemical's payout ratio is currently 42.24%.

Eastman Chemical Company 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.