Investors Sell Shares of Eastman Chemical Company (EMN) on Strength (EMN)
Traders sold shares of Eastman Chemical Company (NYSE:EMN) on strength during trading on Friday. $12.38 million flowed into the stock on the tick-up and $35.51 million flowed out of the stock on the tick-down, for a money net flow of $23.13 million out of the stock. Of all companies tracked, Eastman Chemical had the 32nd highest net out-flow for the day. Eastman Chemical traded up $0.03 for the day and closed at $88.82
EMN has been the subject of a number of recent research reports. KeyCorp reissued a “buy” rating and set a $100.00 price objective on shares of Eastman Chemical in a research note on Wednesday, October 4th. Jefferies Group LLC reissued a “buy” rating and set a $96.00 price objective on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Goldman Sachs Group, Inc. (The) raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $81.00 to $101.00 in a research note on Thursday, September 28th. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 price objective for the company in a research note on Tuesday, July 4th. Finally, UBS AG reissued a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Eastman Chemical in a research note on Sunday, June 25th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $93.00.
The firm’s 50-day moving average price is $87.59 and its 200 day moving average price is $83.56. The company has a market cap of $12.86 billion, a P/E ratio of 14.25 and a beta of 1.27.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the business earned $1.68 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. Equities research analysts expect that Eastman Chemical Company will post $7.34 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Shareholders of record on Friday, September 15th were paid a $0.51 dividend. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $2.04 annualized dividend and a yield of 2.30%. Eastman Chemical’s dividend payout ratio is presently 32.28%.
In other Eastman Chemical news, Director Renee J. Hornbaker sold 4,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the transaction, the director now owns 21,858 shares in the company, valued at approximately $1,845,470.94. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction that occurred on Thursday, August 3rd. The shares were 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. 1.14% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the business. Harbour Capital Advisors LLC acquired a new position in Eastman Chemical in the 1st quarter valued at approximately $100,000. Advisors Asset Management Inc. increased its stake in Eastman Chemical by 149.9% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after buying an additional 826 shares during the period. Acrospire Investment Management LLC increased its stake in Eastman Chemical by 1,500.0% in the 2nd quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after buying an additional 1,500 shares during the period. M&R Capital Management Inc. increased its stake in Eastman Chemical by 62.9% in the 2nd quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after buying an additional 700 shares during the period. Finally, Fiduciary Trust Co. acquired a new position in Eastman Chemical in the 2nd quarter valued at approximately $160,000. Hedge funds and other institutional investors own 82.12% 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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