Delphi Management Inc. MA Has $1.12 Million Stock Position in Eastman Chemical (NYSE:EMN)

Delphi Management Inc. MA increased its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 123.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 12,728 shares of the basic materials company's stock after acquiring an additional 7,032 shares during the quarter. Delphi Management Inc. MA's holdings in Eastman Chemical were worth $1,121,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Crews Bank & Trust acquired a new position in Eastman Chemical during the 4th quarter valued at $27,000. Picton Mahoney Asset Management raised its holdings in shares of Eastman Chemical by 62.3% in the 4th 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. raised its holdings in shares of Eastman Chemical by 384.4% in the 4th 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 position in shares of Eastman Chemical in the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Eastman Chemical in the 4th quarter worth approximately $37,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on EMN. The Goldman Sachs Group dropped their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price target for the company from $105.00 to $101.00 in a report on Friday, April 4th. Barclays dropped their price target on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a report on Tuesday, April 29th. Morgan Stanley dropped their price target on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Finally, Piper Sandler dropped their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. 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.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Trading Up 0.4%

EMN stock traded up $0.29 during midday trading on Monday, hitting $78.66. 3,095,908 shares of the company's stock were exchanged, compared to its average volume of 1,145,396. The stock's fifty day moving average price is $79.76 and its 200-day moving average price is $90.40. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The company has a market cap of $9.08 billion, a PE ratio of 10.24, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the business posted $1.61 EPS. The company's revenue for the quarter was down .9% on a year-over-year basis. Research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.22%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio is 42.24%.

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.