Traders Sell Eastman Chemical Company (EMN) on Strength (EMN)
Investors sold shares of Eastman Chemical Company (NYSE:EMN) on strength during trading on Monday. $8.89 million flowed into the stock on the tick-up and $49.99 million flowed out of the stock on the tick-down, for a money net flow of $41.10 million out of the stock. Of all equities tracked, Eastman Chemical had the 13th highest net out-flow for the day. Eastman Chemical traded up $0.23 for the day and closed at $83.13
EMN has been the subject of a number of research analyst reports. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a research note on Monday, May 1st. Deutsche Bank AG reaffirmed a “buy” rating and issued a $92.00 price target on shares of Eastman Chemical in a research note on Thursday, May 25th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $85.00 price target on shares of Eastman Chemical in a research note on Monday, June 5th. BidaskClub raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, June 15th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $90.00 price target on shares of Eastman Chemical in a research note on Friday, June 16th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $89.89.
The firm has a market capitalization of $12.04 billion, a price-to-earnings ratio of 13.34 and a beta of 1.28. The company’s 50 day moving average is $84.47 and its 200-day moving average is $81.08.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The firm’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.68 earnings per share. On average, equities research analysts predict that Eastman Chemical Company will post $7.51 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is presently 32.28%.
In related news, Director Lewis M. Kling sold 4,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now directly owns 15,693 shares in the company, valued at $1,253,556.84. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Insiders own 1.14% of the company’s stock.
A number of institutional investors have recently modified their holdings of the company. Harbour Capital Advisors LLC purchased a new position in shares of Eastman Chemical during the first quarter worth $100,000. FTB Advisors Inc. increased its position in shares of Eastman Chemical by 17.4% in the first quarter. FTB Advisors Inc. now owns 1,342 shares of the basic materials company’s stock worth $107,000 after buying an additional 199 shares during the last quarter. Advisors Asset Management Inc. increased its position in shares of Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock worth $116,000 after buying an additional 826 shares during the last quarter. Acrospire Investment Management LLC increased its position in shares of Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock worth $134,000 after buying an additional 1,500 shares during the last quarter. Finally, Whittier Trust Co. increased its position in shares of Eastman Chemical by 8.2% in the first quarter. Whittier Trust Co. now owns 1,768 shares of the basic materials company’s stock worth $143,000 after buying an additional 134 shares during the last quarter. Institutional investors and hedge funds own 88.53% of the company’s stock.
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Eastman Chemical Company Profile
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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