Insider Selling: Eastman Chemical Company (EMN) Director Sells $337,720.00 in Stock
Eastman Chemical Company (NYSE:EMN) Director Renee J. Hornbaker sold 4,000 shares of the company’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the transaction, the director now owns 21,858 shares in the company, valued at $1,845,470.94. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Eastman Chemical Company (NYSE:EMN) opened at 84.87 on Friday. The stock’s 50 day moving average price is $84.50 and its 200 day moving average price is $81.31. The company has a market capitalization of $12.29 billion, a price-to-earnings ratio of 13.62 and a beta of 1.28. Eastman Chemical Company has a 12 month low of $62.70 and a 12 month high of $86.60.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. Eastman Chemical’s quarterly revenue was up 5.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.68 EPS. Equities research analysts anticipate that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a yield of 2.40%. Eastman Chemical’s payout ratio is 32.28%.
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A number of brokerages have weighed in on EMN. Cowen and Company restated a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a research note on Friday, July 14th. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, June 21st. Deutsche Bank AG restated a “buy” rating and issued a $92.00 target price on shares of Eastman Chemical in a research note on Wednesday, June 21st. BidaskClub lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Citigroup Inc. upped their target price on Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 12th. Six investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $89.89.
Hedge funds have recently added to or reduced their stakes in the stock. Harbour Capital Advisors LLC acquired a new stake in Eastman Chemical during the first quarter worth approximately $100,000. FTB Advisors Inc. increased its stake in 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 stake in 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 stake in 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 stake in 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 own 88.53% of the company’s stock.
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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