Telos Capital Management Inc. Has $224,000 Holdings in Eastman Chemical (NYSE:EMN)

Telos Capital Management Inc. lessened its stake in Eastman Chemical (NYSE:EMN) by 15.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,000 shares of the basic materials company’s stock after selling 364 shares during the quarter. Telos Capital Management Inc.’s holdings in Eastman Chemical were worth $224,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical in the second quarter valued at $29,000. Wolff Wiese Magana LLC boosted its holdings in shares of Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the period. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical during the 1st quarter worth about $38,000. Rothschild Investment LLC acquired a new position in Eastman Chemical in the 2nd quarter valued at about $38,000. Finally, Northwest Investment Counselors LLC bought a new position in Eastman Chemical in the 3rd quarter valued at about $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Mizuho boosted their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Wells Fargo & Company raised their target price on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Price Performance

Shares of EMN opened at $107.06 on Wednesday. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The stock has a market cap of $12.60 billion, a PE ratio of 13.80, a PEG ratio of 0.83 and a beta of 1.44. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $114.50. The business has a 50-day simple moving average of $104.66 and a two-hundred day simple moving average of $100.68.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm posted $1.99 earnings per share. The firm’s revenue was up 1.7% compared to the same quarter last year. Analysts anticipate that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were paid a $0.81 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.03%. Eastman Chemical’s dividend payout ratio is 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.