Eastman Chemical Company (NYSE:EMN) insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.
Eastman Chemical Company (NYSE:EMN) opened at 84.26 on Thursday. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60. The company’s 50-day moving average is $84.40 and its 200-day moving average is $80.83. The stock has a market capitalization of $12.21 billion, a PE ratio of 13.52 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 12.15% and a return on equity of 24.75%. The business’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.68 earnings per share. Equities research analysts forecast that Eastman Chemical Company will post $7.51 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 annualized dividend and a yield of 2.42%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s payout ratio is 32.28%.
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A number of hedge funds and other institutional investors have recently modified their holdings of the company. Harbour Capital Advisors LLC acquired a new position in shares of Eastman Chemical during the first quarter valued at about $100,000. FTB Advisors Inc. boosted its position in shares of Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock valued at $107,000 after buying an additional 199 shares during the last quarter. Advisors Asset Management Inc. boosted its position in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after buying an additional 826 shares during the last quarter. Whittier Trust Co. boosted its position in shares of Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock valued at $143,000 after buying an additional 134 shares during the last quarter. Finally, Fiduciary Trust Co. acquired a new position in shares of Eastman Chemical during the second quarter valued at about $160,000. Institutional investors own 88.72% of the company’s stock.
A number of equities research analysts have issued reports on EMN shares. Citigroup Inc. reissued a “buy” rating and issued a $81.00 price target (up previously from $79.00) on shares of Eastman Chemical in a report on Friday, April 14th. TheStreet raised shares of Eastman Chemical from a “c+” rating to a “b” rating in a research note on Monday, April 17th. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 target price on the stock in a research note on Monday, May 1st. Deutsche Bank AG reaffirmed a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research note on Thursday, May 25th. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and set a $85.00 target price on shares of Eastman Chemical in a research note on Monday, June 5th. Six research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $89.89.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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