Eastman Chemical Co. (EMN) Stock Price Down 3.1%
Eastman Chemical Co. (NYSE:EMN) shares traded down 3.1% during mid-day trading on Tuesday . The company traded as low as $69.18 and last traded at $69.89, with a volume of 1,164,696 shares changing hands. The stock had previously closed at $72.11.
A number of research analysts recently issued reports on the company. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a report on Tuesday, May 3rd. Jefferies Group lifted their price target on Eastman Chemical from $85.00 to $88.00 and gave the company a “buy” rating in a report on Monday, May 2nd. Deutsche Bank AG lifted their price target on Eastman Chemical from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, May 2nd. Royal Bank Of Canada lifted their price target on Eastman Chemical from $83.00 to $85.00 and gave the company an “outperform” rating in a report on Monday, May 2nd. Finally, Credit Agricole SA lowered Eastman Chemical from a “buy” rating to an “underperform” rating in a research report on Monday, May 2nd. One analyst has rated the stock with a sell rating, five have issued a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $79.93.
The firm has a market capitalization of $10.35 billion and a price-to-earnings ratio of 11.27. The stock’s 50-day moving average is $70.57 and its 200 day moving average is $69.74.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Friday, April 29th. The company reported $1.71 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.53 by $0.18. The firm earned $2.24 billion during the quarter, compared to analysts’ expectations of $2.31 billion. Eastman Chemical’s revenue for the quarter was down 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.84 earnings per share. Equities research analysts anticipate that Eastman Chemical Co. will post $6.95 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.63%. The ex-dividend date was Monday, June 13th.
In other news, CEO Mark J. Costa sold 38,400 shares of the company’s stock in a transaction dated Tuesday, May 10th. The stock was sold at an average price of $75.16, for a total value of $2,886,144.00. Following the completion of the transaction, the chief executive officer now directly owns 185,730 shares in the company, valued at approximately $13,959,466.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Scott V. King sold 12,000 shares of the company’s 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 completion of the transaction, the chief accounting officer now owns 25,852 shares of the company’s stock, valued at $1,951,308.96. The disclosure for this sale can be found here.
Other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in Eastman Chemical by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 12,188,084 shares of the company’s stock worth $822,816,000 after buying an additional 173,987 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in Eastman Chemical by 12.4% in the fourth quarter. EdgePoint Investment Group Inc. now owns 2,623,957 shares of the company’s stock worth $177,143,000 after buying an additional 290,010 shares during the period. Wells Fargo & Company MN raised its stake in Eastman Chemical by 10.3% in the fourth quarter. Wells Fargo & Company MN now owns 1,491,402 shares of the company’s stock worth $100,684,000 after buying an additional 139,409 shares during the period. Dimensional Fund Advisors LP raised its stake in Eastman Chemical by 17.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,424,015 shares of the company’s stock worth $96,138,000 after buying an additional 207,642 shares during the period. Finally, BlackRock Advisors LLC raised its stake in Eastman Chemical by 216.0% in the fourth quarter. BlackRock Advisors LLC now owns 1,242,160 shares of the company’s stock worth $83,858,000 after buying an additional 849,113 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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