Investors sold shares of Eastman Chemical Company (NYSE:EMN) on strength during trading hours on Wednesday. $11.35 million flowed into the stock on the tick-up and $25.96 million flowed out of the stock on the tick-down, for a money net flow of $14.61 million out of the stock. Of all stocks tracked, Eastman Chemical had the 29th highest net out-flow for the day. Eastman Chemical traded up $0.14 for the day and closed at $84.26
Several equities analysts have recently commented on the stock. Cowen and Company restated a “buy” rating and set a $88.00 price target on shares of Eastman Chemical in a research report on Friday, July 14th. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 21st. Deutsche Bank AG restated a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a research report on Wednesday, June 21st. BidaskClub lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Citigroup Inc. increased their target price on shares of Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, July 12th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Eastman Chemical currently has an average rating of “Buy” and an average target price of $89.89.
The firm has a market capitalization of $12.21 billion, a P/E ratio of 13.52 and a beta of 1.28. The firm’s 50 day moving average price is $84.35 and its 200 day moving average price is $80.56.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.89 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company’s revenue for the quarter was up 5.3% compared to the same quarter last year. During the same period in the previous year, the company earned $1.68 EPS. On average, analysts anticipate that Eastman Chemical Company will post $7.51 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be given a dividend of $0.51 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $2.04 annualized dividend and a dividend yield of 2.42%. Eastman Chemical’s payout ratio is currently 32.28%.
In other news, Director Lewis M. Kling sold 4,000 shares of Eastman Chemical stock in a transaction dated Wednesday, May 31st. The stock was sold at an average price of $79.88, for a total transaction of $319,520.00. Following the transaction, the director now owns 15,693 shares in the company, valued at approximately $1,253,556.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark K. Cox sold 1,400 shares of Eastman Chemical 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 currently owned by insiders.
Institutional investors have recently added to or reduced their stakes in the stock. Jaffetilchin Investment Partners LLC boosted its position in Eastman Chemical by 0.7% in the first quarter. Jaffetilchin Investment Partners LLC now owns 5,431 shares of the basic materials company’s stock valued at $439,000 after buying an additional 40 shares during the period. Cleararc Capital Inc. boosted its position in Eastman Chemical by 1.3% in the first quarter. Cleararc Capital Inc. now owns 3,595 shares of the basic materials company’s stock valued at $290,000 after buying an additional 46 shares during the period. HL Financial Services LLC boosted its position in Eastman Chemical by 0.4% in the second quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock valued at $945,000 after buying an additional 49 shares during the period. Daiwa Securities Group Inc. boosted its position in Eastman Chemical by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock valued at $349,000 after buying an additional 50 shares during the period. Finally, Contravisory Investment Management Inc. boosted its position in Eastman Chemical by 1.6% in the second quarter. Contravisory Investment Management Inc. now owns 3,293 shares of the basic materials company’s stock valued at $277,000 after buying an additional 52 shares during the period. Institutional investors and hedge funds own 88.72% of the company’s stock.
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Eastman Chemical Company Profile
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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