Mark K. Cox Sells 1,400 Shares of Eastman Chemical Company (NYSE:EMN) Stock

Eastman Chemical Company (NYSE:EMN) insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $84.24, for a total transaction of $117,936.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link.

Eastman Chemical Company (NYSE:EMN) traded up 0.16% during mid-day trading on Friday, reaching $82.90. 1,015,352 shares of the company’s stock traded hands. The stock has a market cap of $12.01 billion, a P/E ratio of 13.30 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 firm has a 50-day moving average price of $84.47 and a 200-day moving average price of $81.08.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. The company had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the company earned $1.68 earnings per share. The firm’s revenue was up 5.3% compared to the same quarter last year. Equities research analysts anticipate that Eastman Chemical Company will post $7.51 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a $0.51 dividend. The ex-dividend date is Thursday, September 14th. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.46%. Eastman Chemical’s dividend payout ratio (DPR) is presently 32.28%.

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A number of analysts recently commented on EMN shares. Citigroup Inc. boosted their target price on shares of Eastman Chemical from $81.00 to $89.00 and gave the stock a “neutral” rating in a report on Wednesday, July 12th. Cowen and Company reiterated a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a report on Friday, July 14th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $90.00 price target on the stock in a report on Wednesday, June 7th. Deutsche Bank AG restated a “buy” rating and set a $92.00 price target on shares of Eastman Chemical in a report on Thursday, May 25th. Finally, Jefferies Group LLC restated a “buy” rating and set a $90.00 price target on shares of Eastman Chemical in a report on Wednesday, July 5th. Six research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Eastman Chemical presently has a consensus rating of “Hold” and a consensus price target of $89.89.

Several hedge funds have recently bought and sold shares of EMN. BlackRock Inc. increased its stake in Eastman Chemical by 3,636.5% in the first quarter. BlackRock Inc. now owns 11,468,628 shares of the basic materials company’s stock worth $926,666,000 after buying an additional 11,161,689 shares during the period. Blackstone Group L.P. acquired a new stake in Eastman Chemical during the first quarter worth about $102,065,000. Ameriprise Financial Inc. increased its position in shares of Eastman Chemical by 17.9% in the first quarter. Ameriprise Financial Inc. now owns 2,664,199 shares of the basic materials company’s stock worth $215,277,000 after buying an additional 404,626 shares during the last quarter. Contravisory Investment Management Inc. increased its position in shares of 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 worth $277,000 after buying an additional 52 shares during the last quarter. Finally, Exane Derivatives increased its position in shares of Eastman Chemical by 569,000.0% in the second quarter. Exane Derivatives now owns 28,455 shares of the basic materials company’s stock worth $2,389,000 after buying an additional 28,450 shares during the last quarter. Institutional investors own 88.53% of the company’s stock.

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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