Eastman Chemical Co. (EMN) Sees Large Volume Increase
Eastman Chemical Co. (NYSE:EMN) saw unusually-high trading volume on Friday . Approximately 2,470,243 shares traded hands during trading, an increase of 67% from the previous session’s volume of 1,477,241 shares.The stock last traded at $65.03 and had previously closed at $70.37.
EMN has been the subject of several analyst reports. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Tuesday, May 3rd. Royal Bank Of Canada boosted their target price on Eastman Chemical from $83.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday, May 2nd. Credit Agricole SA cut Eastman Chemical from a “buy” rating to an “underperform” rating in a research report on Monday, May 2nd. Jefferies Group reiterated a “buy” rating and set a $88.00 target price on shares of Eastman Chemical in a research report on Friday. Finally, Susquehanna assumed coverage on Eastman Chemical in a research report on Friday, July 1st. They set a “positive” rating and a $90.00 target price on the stock. One 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’s stock. Eastman Chemical currently has an average rating of “Buy” and a consensus target price of $79.69.
The company’s 50 day moving average price is $70.06 and its 200 day moving average price is $69.82. The company has a market cap of $9.64 billion and a PE ratio of 10.51.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.73 by $0.05. The firm earned $2.30 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the business posted $2.01 earnings per share. The company’s revenue was down 9.3% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical Co. will post $6.95 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, July 1st. Stockholders of record on Wednesday, June 15th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Monday, June 13th. This represents a $1.84 dividend on an annualized basis and a dividend yield of 2.82%.
In other news, CEO Mark J. Costa sold 38,400 shares of Eastman Chemical 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 owns 185,730 shares of the company’s stock, valued at $13,959,466.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Scott V. King sold 12,000 shares of Eastman Chemical 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 directly owns 25,852 shares in the company, valued at approximately $1,951,308.96. The disclosure for this sale can be found here.
Several large investors have added to or reduced their stakes in EMN. Atlantic Trust Group LLC boosted its stake in Eastman Chemical by 24.7% in the fourth quarter. Atlantic Trust Group LLC now owns 15,114 shares of the company’s stock worth $1,021,000 after buying an additional 2,990 shares during the period. Stephens Inc. AR acquired a new stake in Eastman Chemical during the fourth quarter worth $1,152,000. Mitsubishi UFJ Kokusai Asset Management CO. LTD. boosted its stake in 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. Jennison Associates LLC acquired a new stake in Eastman Chemical during the fourth quarter worth $2,317,000. Finally, GAM Holding AG boosted its stake in 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.
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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