Eastman Chemical Company (NYSE:EMN) Insider Mark K. Cox Sells 1,400 Shares
Eastman Chemical Company (NYSE:EMN) insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website.
Eastman Chemical Company (EMN) traded up 0.40% during mid-day trading on Monday, reaching $84.41. 758,523 shares of the company were exchanged. The company has a market capitalization of $12.23 billion, a price-to-earnings ratio of 13.55 and a beta of 1.28. Eastman Chemical Company has a 1-year low of $62.70 and a 1-year high of $86.60. The company has a 50 day moving average of $84.35 and a 200-day moving average of $80.56.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.98 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.87%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm earned $1.68 earnings per share. Eastman Chemical’s quarterly revenue was up 5.3% compared to the same quarter last year. On average, equities research analysts forecast that Eastman Chemical Company will post $7.50 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 15th will be paid a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.
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EMN has been the topic of several recent research reports. Citigroup Inc. restated a “buy” rating and set a $81.00 target price (up from $79.00) on shares of Eastman Chemical in a research report on Friday, April 14th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Wednesday, June 7th. Deutsche Bank AG restated a “buy” rating and set a $92.00 target price on shares of Eastman Chemical in a research report on Thursday, May 25th. TheStreet upgraded shares of Eastman Chemical from a “c+” rating to a “b” rating in a research report on Monday, April 17th. Finally, Jefferies Group LLC restated a “buy” rating and set a $90.00 target price on shares of Eastman Chemical in a research report on Wednesday, July 5th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Eastman Chemical presently has a consensus rating of “Buy” and an average price target of $89.89.
A number of institutional investors have recently modified their holdings of EMN. Harbour Capital Advisors LLC purchased a new position in shares of Eastman Chemical during the first quarter worth approximately $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 period. 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 period. 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 period. Finally, Pathstone Family Office LLC bought a new stake in Eastman Chemical during the first quarter worth about $158,000. 88.72% of the stock is currently owned by institutional investors.
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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