Eastman Chemical (NYSE:EMN) SVP Mark K. Cox Sells 3,290 Shares of Stock

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.

The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be paid a $0.66 dividend. The ex-dividend date is Monday, September 14th. This represents a $2.64 annualized dividend and a dividend yield of 3.60%. Eastman Chemical’s dividend payout ratio (DPR) is 37.03%.

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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