Eastman Chemical (NYSE:EMN) CEO Sells $10,318,864.20 in Stock

Eastman Chemical (NYSE:EMN) CEO Mark J. Costa sold 102,390 shares of the stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Eastman Chemical Trading Up 0.3 %

Eastman Chemical stock opened at $101.09 on Friday. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The company has a market cap of $11.89 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.06 and a beta of 1.54. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The business has a 50-day simple moving average of $96.10 and a two-hundred day simple moving average of $87.94.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same period in the previous year, the business posted $1.63 earnings per share. The firm’s quarterly revenue was down 4.2% compared to the same quarter last year. Analysts predict that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a yield of 3.21%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Institutional Trading of Eastman Chemical

Hedge funds have recently bought and sold shares of the stock. Turtle Creek Wealth Advisors LLC bought a new position in shares of Eastman Chemical during the 4th quarter valued at approximately $26,000. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical in the first quarter worth approximately $34,000. First Command Advisory Services Inc. purchased a new stake in shares of Eastman Chemical in the third quarter worth $26,000. Sound Income Strategies LLC lifted its stake in shares of Eastman Chemical by 213.8% during the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after buying an additional 278 shares in the last quarter. Finally, Bruce G. Allen Investments LLC bought a new position in Eastman Chemical in the 4th quarter worth $38,000. Institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

EMN has been the subject of several research reports. Stifel Nicolaus decreased their target price on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Wells Fargo & Company boosted their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Citigroup raised their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Bank of America lowered their price objective on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Finally, Redburn Atlantic started coverage on Eastman Chemical in a report on Thursday, February 15th. They issued a “buy” rating and a $110.00 target price for the company. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus target price of $104.18.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.