Mark K. Cox Sells 1,400 Shares of Eastman Chemical Company (EMN) Stock
Eastman Chemical Company (NYSE:EMN) insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a legal filing with the SEC, which is available through this link.
Shares of Eastman Chemical Company (NYSE EMN) opened at 84.45 on Tuesday. The company has a 50-day moving average of $84.35 and a 200-day moving average of $80.56. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $86.60. The stock has a market capitalization of $12.24 billion, a price-to-earnings ratio of 13.55 and a beta of 1.28.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.87% and a net margin of 10.11%. The company had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the business posted $1.68 EPS. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. On average, equities research analysts expect that Eastman Chemical Company will post $7.50 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 15th will be issued a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.42%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is 32.28%.
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A number of institutional investors have recently made changes to their positions in the stock. BlackRock Inc. boosted its position in shares of Eastman Chemical by 3,636.5% in the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock worth $926,666,000 after buying an additional 11,161,689 shares during the period. Blackstone Group L.P. purchased a new position in shares of Eastman Chemical during the first quarter worth approximately $102,065,000. Vanguard Group Inc. boosted its position in shares of Eastman Chemical by 4.1% in the first quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock worth $1,138,298,000 after buying an additional 557,858 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Eastman Chemical by 17.9% in the first quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock worth $215,277,000 after buying an additional 404,626 shares during the period. Finally, OppenheimerFunds Inc. boosted its position in shares of Eastman Chemical by 20.0% in the first quarter. OppenheimerFunds Inc. now owns 2,402,230 shares of the basic materials company’s stock worth $194,100,000 after buying an additional 400,941 shares during the period. Institutional investors own 88.72% of the company’s stock.
A number of brokerages have recently issued reports on EMN. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, May 19th. UBS AG reissued a “buy” rating and set a $95.00 target price (up from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. Citigroup Inc. boosted their target price on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, July 12th. Cowen and Company boosted their target price on shares of Eastman Chemical from $88.00 to $92.00 and gave the company an “outperform” rating in a research note on Monday. Finally, TheStreet raised shares of Eastman Chemical from a “c+” rating to a “b” rating in a research note on Monday, April 17th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $89.89.
About Eastman Chemical
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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