The company is up by 2.97 percent from yesterday’s close. Shares last traded at $85.52 just above $80.00, the stock’s 50 day moving average and which is slightly above the 200 day moving average of $78.70. The 50 day moving average moved up $5.57 and the 200 day average moved up $6.87.
There has been some selling insider activity on Eastman Chemical Company Common (NYSE:EMN) recently. Lewis M. Kling, Director let go of $319,520 worth of shares at an average price of $79.88 on May 31st. The Director now owns $934,037 of the stock as reported to the SEC. David W. Raisbeck, Director disclosed the sale of 4,000 shares of (EMN). The shares were sold on March 7th for an average price of $79.18. The Director now owns $1,583,758 of the stock according to the SEC filing.
Stephen Glenn Crawford, SVP & CTO sold $306,774 worth of shares at an average price of $80.73 on Thu the 2nd. Crawford now owns $378,704 of stock as recorded in a recent Form 4 SEC filing.
Eastman Chemical Company (Eastman), launched on July 29, 1993, is an advanced materials and specialty additives company that produces a range of advanced materials, specialty additives, chemicals, and fibers found in items people use every day. The Company operates through four segments: Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. As of December 31, 2016, the Company had 49 manufacturing sites and equity interests in six manufacturing joint ventures in 14 countries that supplied products to customers throughout the world..
Here are a few additional firms who have increased or decreased their stake in (EMN). As of quarter end Aldebaran Financial Inc. had disposed of a total of 360 shares trimming its holdings by 1.0%. The value of the total investment in Eastman Chemical Company Common went from $2,683,000 to $2,853,000 a change of $170,000 since the last quarter. As of the end of the quarter Piedmont Investment Advisors LLC had bought 260 shares growing its stake by 1.3%. The value of the investment in EMN increased from $1,501,000 to $1,634,000 a change of 8.9% for the reporting period.
As of quarter end Mackenzie Financial Corp had acquired 72,629 shares growing its position 722.8%. The value of the company’s investment in Eastman Chemical Company Common increased from $682,000 to $6,680,000 increasing 879.5% quarter to quarter. Proficio Capital Partners LLC divested its holdings by shedding 2 shares a decrease of 3.4%. Proficio Capital Partners LLC now controls 57 shares worth $5,000. The total value of its holdings increased 25.0%.
On September 7 the stock rating was downgraded to “Neutral” from “Buy” with a current price target of $73.00 in a report from Citigroup. Citigroup downgraded the stock and lowered the price target on September 7 cutting the price target from $86.00 to $73.00 and setting the rating at “Neutral” which had previously been “Buy”.
On July 29 UBS held the company rating at “Buy” and moved down the price target from $92.00 to $81.00. July 11 investment analysts at Nomura kept the stock rating at “Buy” and lowered the price expectation to $81.00 from $98.00.
Equity analyst Susquehanna initiated coverage on EMN setting a rating of “Positive”. On May 2, 2016 the stock rating was changed to a “Underperform” by CLSA which was a cut from the previous “Buy” rating.
The company also announced a dividend for shareholders that will be paid on Wednesday July 5th, 2017. The dividend will be $0.510 per share for the quarter or $2.04 annualized. The dividend yield will be $2.46. The ex-dividend date is Tuesday the 13th of June 2017.
The P/E ratio is currently 14.39 and the market value is 12.48B. As of the latest earnings report the EPS was $5.95 and is expected to be $7.47 for the current year with 145,827,000 shares presently outstanding. Next quarter’s EPS is forecasted to be $2.02 with next year’s EPS projected to be $8.06.
Source: Google Alert- Chemical Manufacturing