Delphi Management Inc. MA Takes $316,000 Position in Eastman Chemical (NYSE:EMN)

Delphi Management Inc. MA bought a new stake in Eastman Chemical (NYSE:EMN) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 3,230 shares of the basic materials company’s stock, valued at approximately $316,000.

A number of other institutional investors also recently modified their holdings of the business. Lcnb Corp lifted its position in Eastman Chemical by 1.7% during the first quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock worth $629,000 after purchasing an additional 103 shares during the period. Kingswood Wealth Advisors LLC lifted its position in Eastman Chemical by 2.8% during the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 111 shares during the period. Prosperity Consulting Group LLC lifted its position in Eastman Chemical by 4.8% during the second quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock worth $261,000 after purchasing an additional 123 shares during the period. IFG Advisory LLC lifted its position in Eastman Chemical by 0.9% during the second quarter. IFG Advisory LLC now owns 15,438 shares of the basic materials company’s stock worth $1,513,000 after purchasing an additional 137 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its position in Eastman Chemical by 30.9% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock worth $60,000 after purchasing an additional 144 shares during the period. Institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the subject of several recent analyst reports. Citigroup cut their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Barclays increased their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $111.95 on Tuesday. The company has a market capitalization of $13.17 billion, a P/E ratio of 14.43, a P/E/G ratio of 0.82 and a beta of 1.44. The business has a 50 day moving average of $100.95 and a 200-day moving average of $99.37. 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 $114.50.

Eastman Chemical (NYSE:EMN) last released its 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 business had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.99 EPS. On average, equities research analysts predict that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s dividend payout ratio is presently 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.