Stephen Glenn Crawford Sells 10,504 Shares of Eastman Chemical (NYSE:EMN) Stock

Eastman Chemical (NYSE:EMN) EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now directly owns 47,287 shares in the company, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Eastman Chemical Trading Down 0.7 %

Shares of Eastman Chemical stock traded down $0.75 on Wednesday, hitting $104.22. The stock had a trading volume of 716,798 shares, compared to its average volume of 958,336. The firm has a market capitalization of $12.08 billion, a P/E ratio of 14.05, a PEG ratio of 0.81 and a beta of 1.44. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The stock has a 50 day moving average of $106.42 and a 200 day moving average of $101.65. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.47 earnings per share. Sell-side analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on EMN. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and raised their target price for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Mizuho increased their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $112.86.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp increased its stake in Eastman Chemical by 1.4% in the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock valued at $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Franklin Resources Inc. increased its position in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after purchasing an additional 282,458 shares during the period. Geode Capital Management LLC lifted its holdings in Eastman Chemical by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after buying an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA lifted its stake in shares of Eastman Chemical by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after buying an additional 198,645 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

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.