Delphi Management Inc. MA Raises Holdings in Eastman Chemical (NYSE:EMN)

Delphi Management Inc. MA raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 44.3% during the 4th quarter, HoldingsChannel.com reports. The firm owned 5,696 shares of the basic materials company’s stock after acquiring an additional 1,750 shares during the quarter. Delphi Management Inc. MA’s holdings in Eastman Chemical were worth $520,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. James J. Burns & Company LLC purchased a new stake in Eastman Chemical during the 4th quarter valued at $741,000. Goelzer Investment Management Inc. purchased a new stake in Eastman Chemical during the 4th quarter valued at $3,319,000. National Bank of Canada FI boosted its stake in Eastman Chemical by 492.9% during the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after purchasing an additional 177,207 shares during the last quarter. Dakota Wealth Management boosted its stake in Eastman Chemical by 14.6% during the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock valued at $4,081,000 after purchasing an additional 5,700 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its stake in Eastman Chemical by 3.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on EMN shares. KeyCorp raised their price target on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $115.00 to $109.00 in a research note on Tuesday, January 14th. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Finally, Barclays dropped their price target on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $91.23 on Tuesday. Eastman Chemical has a one year low of $86.70 and a one year high of $114.50. The stock’s fifty day moving average is $95.74 and its 200 day moving average is $100.00. The stock has a market cap of $10.51 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.64%. Eastman Chemical’s payout ratio is 43.23%.

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.