Investors Buy Shares of Eastman Chemical (EMN) on Weakness
Investors bought shares of Eastman Chemical (NYSE:EMN) on weakness during trading hours on Tuesday. $30.53 million flowed into the stock on the tick-up and $12.23 million flowed out of the stock on the tick-down, for a money net flow of $18.30 million into the stock. Of all companies tracked, Eastman Chemical had the 25th highest net in-flow for the day. Eastman Chemical traded down ($0.39) for the day and closed at $97.23
Several equities analysts have recently weighed in on the stock. ValuEngine lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Morgan Stanley increased their price objective on shares of Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 31st. Finally, Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $105.31.
The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.04. The company has a market cap of $13.77 billion, a P/E ratio of 12.81, a PEG ratio of 1.26 and a beta of 1.08.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 14th will be paid a $0.56 dividend. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 2.30%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.
In other Eastman Chemical news, CEO Mark J. Costa sold 20,000 shares of the stock in a transaction dated Friday, August 3rd. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the sale, the chief executive officer now directly owns 190,584 shares in the company, valued at $19,058,400. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Lucian Boldea sold 3,523 shares of the stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $103.58, for a total transaction of $364,912.34. The disclosure for this sale can be found here. Insiders sold 39,715 shares of company stock worth $4,005,972 over the last 90 days. 1.18% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently made changes to their positions in the business. CIBC Asset Management Inc grew its stake in Eastman Chemical by 3.6% during the second quarter. CIBC Asset Management Inc now owns 14,117 shares of the basic materials company’s stock worth $1,411,000 after buying an additional 495 shares in the last quarter. Amalgamated Bank grew its stake in Eastman Chemical by 2.8% during the second quarter. Amalgamated Bank now owns 18,347 shares of the basic materials company’s stock worth $1,834,000 after buying an additional 500 shares in the last quarter. IFP Advisors Inc grew its stake in Eastman Chemical by 9.7% during the first quarter. IFP Advisors Inc now owns 6,192 shares of the basic materials company’s stock worth $654,000 after buying an additional 547 shares in the last quarter. Alps Advisors Inc. grew its stake in Eastman Chemical by 12.5% during the second quarter. Alps Advisors Inc. now owns 4,947 shares of the basic materials company’s stock worth $495,000 after buying an additional 551 shares in the last quarter. Finally, Piermont Capital Management Inc. grew its stake in Eastman Chemical by 10.0% during the first quarter. Piermont Capital Management Inc. now owns 6,480 shares of the basic materials company’s stock worth $684,000 after buying an additional 590 shares in the last quarter. Hedge funds and other institutional investors own 83.00% of the company’s stock.
About Eastman Chemical (NYSE:EMN)
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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