Traders Sell Shares of Eastman Chemical Company (EMN) on Strength (EMN)

Traders sold shares of Eastman Chemical Company (NYSE:EMN) on strength during trading hours on Friday. $12.38 million flowed into the stock on the tick-up and $35.51 million flowed out of the stock on the tick-down, for a money net flow of $23.13 million out of the stock. Of all companies tracked, Eastman Chemical had the 0th highest net out-flow for the day. Eastman Chemical traded up $0.03 for the day and closed at $88.82

EMN has been the topic of a number of research analyst reports. KeyCorp reiterated a “buy” rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Wednesday, October 4th. Jefferies Group LLC reiterated a “buy” rating and issued a $96.00 target price on shares of Eastman Chemical in a report on Tuesday, October 3rd. Goldman Sachs Group, Inc. (The) upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their target price for the company from $81.00 to $101.00 in a report on Thursday, September 28th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $94.00 target price on the stock in a report on Tuesday, July 4th. Finally, UBS AG reiterated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Eastman Chemical in a report on Sunday, June 25th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $93.00.

The company has a market cap of $12.86 billion, a P/E ratio of 14.25 and a beta of 1.27. The company’s 50-day moving average is $87.59 and its 200-day moving average is $83.56.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.98 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 10.11% and a return on equity of 22.54%. Eastman Chemical’s revenue for the quarter was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted $1.68 earnings per share. On average, equities research analysts anticipate that Eastman Chemical Company will post $7.34 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 2nd. Investors of record on Friday, September 15th were issued a $0.51 dividend. This represents a $2.04 dividend on an annualized basis and a yield of 2.30%. The ex-dividend date of this dividend was Thursday, September 14th. Eastman Chemical’s dividend payout ratio is presently 32.28%.

In related news, Director Renee J. Hornbaker sold 4,000 shares of the company’s stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $84.43, for a total value of $337,720.00. Following the completion of the sale, the director now directly owns 21,858 shares in the company, valued at $1,845,470.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark K. Cox sold 1,400 shares of the company’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total transaction of $117,936.00. The disclosure for this sale can be found here. Corporate insiders own 1.14% of the company’s stock.

A number of hedge funds have recently added to or reduced their stakes in EMN. Harbour Capital Advisors LLC bought a new stake in Eastman Chemical during the first quarter valued at about $100,000. Advisors Asset Management Inc. boosted its holdings in Eastman Chemical by 149.9% during the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after acquiring an additional 826 shares during the period. Acrospire Investment Management LLC boosted its holdings in Eastman Chemical by 1,500.0% during the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after acquiring an additional 1,500 shares during the period. M&R Capital Management Inc. boosted its holdings in Eastman Chemical by 62.9% during the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after acquiring an additional 700 shares during the period. Finally, Fiduciary Trust Co. bought a new stake in Eastman Chemical during the second quarter valued at about $160,000. Institutional investors own 82.12% 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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