Telos Capital Management Inc. Acquires Shares of 2,386 Eastman Chemical (NYSE:EMN)

Telos Capital Management Inc. acquired a new stake in Eastman Chemical (NYSE:EMN) during the fourth quarter, HoldingsChannel reports. The fund acquired 2,386 shares of the basic materials company’s stock, valued at approximately $214,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC bought a new position in Eastman Chemical in the fourth quarter valued at approximately $26,000. First Command Advisory Services Inc. bought a new position in Eastman Chemical in the third quarter valued at approximately $26,000. Cornerstone Planning Group LLC bought a new position in Eastman Chemical in the second quarter valued at approximately $33,000. Sound Income Strategies LLC boosted its stake in Eastman Chemical by 213.8% in the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 278 shares during the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new stake in Eastman Chemical in the fourth quarter worth $38,000. 83.65% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $95.97 on Thursday. The company has a market capitalization of $11.29 billion, a price-to-earnings ratio of 12.81, a PEG ratio of 1.07 and a beta of 1.54. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The company has a 50-day simple moving average of $92.17 and a 200 day simple moving average of $85.40. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.28 by $0.03. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the previous year, the firm posted $0.89 EPS. Eastman Chemical’s revenue was down 7.0% compared to the same quarter last year. On average, sell-side analysts predict that Eastman Chemical will post 7.7 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.38%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 43.26%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Wells Fargo & Company increased their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. KeyCorp increased their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Citigroup increased their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Redburn Atlantic started coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price objective on the stock. Finally, Royal Bank of Canada decreased their target price on shares of Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating for the company in a research report on Tuesday, February 6th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus price target of $97.13.

Eastman Chemical 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.