Traders Buy Eastman Chemical Company (EMN) on Weakness
Traders bought shares of Eastman Chemical Company (NYSE:EMN) on weakness during trading hours on Tuesday. $47.71 million flowed into the stock on the tick-up and $22.64 million flowed out of the stock on the tick-down, for a money net flow of $25.07 million into the stock. Of all stocks tracked, Eastman Chemical had the 29th highest net in-flow for the day. Eastman Chemical traded down ($0.57) for the day and closed at $87.30
Several research firms recently weighed in on EMN. Zacks Investment Research downgraded Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Tuesday. SunTrust Banks, Inc. reiterated a “hold” rating and set a $90.00 target price on shares of Eastman Chemical in a research report on Thursday, October 12th. Instinet downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 target price on the stock. in a research report on Tuesday, October 10th. Deutsche Bank AG lifted their target price on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 10th. Finally, Nomura downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 target price on the stock. in a research report on Tuesday, October 10th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $93.00.
The company’s 50-day moving average is $87.26 and its 200 day moving average is $83.33. The firm has a market cap of $12.64 billion, a price-to-earnings ratio of 14.01 and a beta of 1.27.
Eastman Chemical (NYSE:EMN) last posted its earnings results 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. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the firm earned $1.68 EPS. The company’s quarterly revenue was up 5.3% on a year-over-year basis. Analysts predict that Eastman Chemical Company will post $7.34 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Friday, September 15th were given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
In other news, Director Renee J. Hornbaker sold 4,000 shares of the firm’s stock in a transaction dated Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total transaction of $337,720.00. Following the sale, the director now directly owns 21,858 shares in the company, valued at approximately $1,845,470.94. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Mark K. Cox sold 1,400 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is owned by company insiders.
Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Eastman Chemical by 4.1% during the 1st quarter. Vanguard Group Inc. now owns 14,087,863 shares of the basic materials company’s stock valued at $1,138,298,000 after acquiring an additional 557,858 shares during the period. BlackRock Inc. grew its position in shares of Eastman Chemical by 6.3% during the 2nd quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after acquiring an additional 717,506 shares during the period. Blackstone Group L.P. acquired a new stake in shares of Eastman Chemical during the 1st quarter valued at about $102,065,000. State Street Corp grew its position in shares of Eastman Chemical by 3.6% during the 1st quarter. State Street Corp now owns 7,321,031 shares of the basic materials company’s stock valued at $591,539,000 after acquiring an additional 257,030 shares during the period. Finally, LSV Asset Management grew its position in shares of Eastman Chemical by 4.2% during the 2nd quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after acquiring an additional 160,101 shares during the period. Hedge funds and other institutional investors own 82.12% of the company’s stock.
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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