Eastman Chemical Co. (EMN) Shares Gap Up to $66.08
Eastman Chemical Co. (NYSE:EMN) gapped up before the market opened on Thursday . The stock had previously closed at $65.98, but opened at $66.08. Eastman Chemical shares last traded at $67.23, with a volume of 912,217 shares traded.
A number of equities research analysts recently weighed in on the company. KeyCorp restated a “buy” rating on shares of Eastman Chemical in a research note on Saturday, March 19th. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Tuesday, May 3rd. Jefferies Group upgraded Eastman Chemical to a “buy” rating and set a $88.00 price target for the company in a research note on Saturday, June 4th. Royal Bank Of Canada increased their price target on Eastman Chemical from $83.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, May 2nd. Finally, Credit Agricole SA cut Eastman Chemical from a “buy” rating to an “underperform” rating in a research note on Monday, May 2nd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $79.85.
The company has a 50 day moving average of $71.34 and a 200-day moving average of $69.42. The company has a market cap of $9.90 billion and a PE ratio of 10.79.
Eastman Chemical (NYSE:EMN) last released its earnings results on Friday, April 29th. The company reported $1.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.53 by $0.18. During the same period in the previous year, the firm earned $1.84 earnings per share. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.31 billion. The company’s revenue for the quarter was down 8.5% compared to the same quarter last year. On average, equities research analysts predict that Eastman Chemical Co. will post $6.97 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, July 1st. Investors of record on Wednesday, June 15th were paid a dividend of $0.46 per share. The ex-dividend date was Monday, June 13th. This represents a $1.84 annualized dividend and a yield of 2.75%.
In other Eastman Chemical news, CEO Mark J. Costa sold 38,400 shares of Eastman Chemical stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $75.16, for a total transaction of $2,886,144.00. Following the completion of the sale, the chief executive officer now directly owns 185,730 shares of the company’s stock, valued at approximately $13,959,466.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Scott V. King sold 12,000 shares of Eastman Chemical stock in a transaction dated Wednesday, May 4th. The stock was sold at an average price of $75.48, for a total value of $905,760.00. Following the sale, the chief accounting officer now directly owns 25,852 shares of the company’s stock, valued at $1,951,308.96. The disclosure for this sale can be found here.
A number of hedge funds have made changes to their positions in EMN. World Asset Management Inc increased its stake in shares of Eastman Chemical by 2.4% in the fourth quarter. World Asset Management Inc now owns 15,949 shares of the company’s stock worth $1,077,000 after buying an additional 368 shares during the period. GAM Holding AG increased its stake in shares of Eastman Chemical by 1.6% in the fourth quarter. GAM Holding AG now owns 34,570 shares of the company’s stock worth $2,334,000 after buying an additional 541 shares during the period. Oregon Public Employees Retirement Fund increased its stake in shares of Eastman Chemical by 2.2% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 28,115 shares of the company’s stock worth $1,898,000 after buying an additional 600 shares during the period. Nationwide Fund Advisors increased its stake in shares of Eastman Chemical by 0.4% in the fourth quarter. Nationwide Fund Advisors now owns 161,995 shares of the company’s stock worth $10,936,000 after buying an additional 663 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management CO. LTD. increased its stake in shares of Eastman Chemical by 5.6% in the fourth quarter. Mitsubishi UFJ Kokusai Asset Management CO. LTD. now owns 19,771 shares of the company’s stock worth $1,335,000 after buying an additional 1,044 shares during the period.
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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