Eastman Chemical Co. (EMN) Sees Strong Trading Volume
Eastman Chemical Co. (NYSE:EMN) shares saw unusually-high trading volume on Wednesday . Approximately 1,645,416 shares were traded during trading, a decline of 7% from the previous session’s volume of 1,761,687 shares.The stock last traded at $65.78 and had previously closed at $65.63.
EMN has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Friday, April 22nd. Jefferies Group reissued a “buy” rating on shares of Eastman Chemical in a research report on Wednesday, April 13th. KeyCorp raised their price target on shares of Eastman Chemical from $75.00 to $85.00 and gave the stock an “overweight” rating in a research report on Thursday, March 17th. Deutsche Bank AG restated a “buy” rating on shares of Eastman Chemical in a research note on Thursday, March 24th. Finally, Morgan Stanley restated a “hold” rating on shares of Eastman Chemical in a research note on Thursday, June 16th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $79.85.
The company has a market cap of $9.77 billion and a price-to-earnings ratio of 10.64. The firm’s 50 day moving average price is $71.53 and its 200 day moving average price is $69.44.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Friday, April 29th. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.53 by $0.18. The firm had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.31 billion. During the same quarter in the prior year, the firm posted $1.84 earnings per share. The business’s revenue for the quarter was down 8.5% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical Co. will post $6.97 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th were given a dividend of $0.46 per share. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.78%. The ex-dividend date was Monday, June 13th.
In other news, CEO Mark J. Costa sold 38,400 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 185,730 shares in the company, valued at $13,959,466.80. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CAO Scott V. King sold 12,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 4th. The shares were sold at an average price of $75.48, for a total value of $905,760.00. Following the sale, the chief accounting officer now owns 25,852 shares in the company, valued at $1,951,308.96. The disclosure for this sale can be found here.
Other hedge funds have recently added to or reduced their stakes in the company. Russell Frank Co boosted its stake in Eastman Chemical by 4.8% in the fourth quarter. Russell Frank Co now owns 274,848 shares of the company’s stock worth $18,635,000 after buying an additional 12,592 shares in the last quarter. Nationwide Fund Advisors boosted its stake in 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 in the last quarter. Oregon Public Employees Retirement Fund boosted its stake in 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 in the last quarter. World Asset Management Inc boosted its stake in 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 in the last quarter. Finally, Swiss National Bank boosted its stake in Eastman Chemical by 1.2% in the fourth quarter. Swiss National Bank now owns 269,038 shares of the company’s stock worth $18,163,000 after buying an additional 3,300 shares in the last quarter.
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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