Eastman Chemical (NYSE:EMN) SVP Mark K. Cox sold 3,290 shares of the stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $73.22, for a total value of $240,893.80. Following the completion of the sale, the senior vice president now owns 18,031 shares in the company, valued at $1,320,229.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.
EMN stock traded down $0.08 during mid-day trading on Friday, reaching $73.29. The company’s stock had a trading volume of 370,896 shares, compared to its average volume of 1,362,923. The stock has a market cap of $9.92 billion, a PE ratio of 17.41, a P/E/G ratio of 3.09 and a beta of 1.66. The company’s 50 day moving average is $72.82 and its two-hundred day moving average is $64.68. Eastman Chemical has a fifty-two week low of $34.44 and a fifty-two week high of $83.99. The company has a current ratio of 1.88, a quick ratio of 1.12 and a debt-to-equity ratio of 0.89.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Monday, August 3rd. The basic materials company reported $0.85 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.05 by ($0.20). The company had revenue of $1.92 billion during the quarter, compared to analysts’ expectations of $1.82 billion. Eastman Chemical had a net margin of 6.64% and a return on equity of 14.02%. The firm’s quarterly revenue was down 18.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.99 earnings per share. On average, analysts forecast that Eastman Chemical will post 5.59 earnings per share for the current fiscal year.
Several hedge funds have recently added to or reduced their stakes in EMN. Captrust Financial Advisors raised its stake in shares of Eastman Chemical by 24.6% in the 2nd quarter. Captrust Financial Advisors now owns 7,639 shares of the basic materials company’s stock valued at $529,000 after purchasing an additional 1,510 shares in the last quarter. Principal Street Partners LLC acquired a new position in shares of Eastman Chemical in the 2nd quarter worth approximately $4,399,000. River & Mercantile Asset Management LLP increased its holdings in shares of Eastman Chemical by 2.7% in the 2nd quarter. River & Mercantile Asset Management LLP now owns 33,390 shares of the basic materials company’s stock valued at $2,327,000 after acquiring an additional 890 shares during the last quarter. Glenmede Trust Co. NA lifted its stake in Eastman Chemical by 209.2% during the second quarter. Glenmede Trust Co. NA now owns 35,912 shares of the basic materials company’s stock worth $2,499,000 after purchasing an additional 24,299 shares during the last quarter. Finally, Verition Fund Management LLC acquired a new position in Eastman Chemical in the second quarter worth $513,000. 79.70% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have recently weighed in on the company. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and set a $75.00 target price for the company. in a research report on Wednesday, August 5th. TheStreet upgraded Eastman Chemical from a “c” rating to a “b-” rating in a research note on Wednesday, June 10th. Stifel Nicolaus increased their target price on shares of Eastman Chemical from $74.00 to $87.00 in a report on Tuesday, July 21st. Royal Bank of Canada upped their price target on shares of Eastman Chemical from $48.00 to $60.00 in a research report on Monday, May 4th. Finally, Jefferies Financial Group boosted their price objective on shares of Eastman Chemical from $75.00 to $85.00 and gave the stock a “buy” rating in a research note on Friday, June 26th. Ten equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $72.78.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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