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Eastman Chemical EVP & CCO sells shares worth over $2.3m

Published 05/16/2024, 04:03 PM
EMN
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Eastman Chemical Co. (NYSE:EMN) executive vice president and chief commercial officer Brad A. Lich has sold a significant portion of his stock in the company, according to a recent filing with the Securities and Exchange Commission. The transactions, which occurred on May 15, 2024, involved the sale of 23,028 shares at prices ranging from $100.50 to $100.61, with an average weighted sale price of $100.51 per share. The total value of the shares sold amounted to approximately $2,314,544.

The same filing also indicated that on the same day, Lich acquired 23,028 shares through the exercise of options at a price of $74.46 per share, totaling $1,714,664. This transaction is part of the company's employee stock option plan and represents the cost to exercise the options, not a purchase in the open market.

Following these transactions, Lich's direct holdings in Eastman Chemical have decreased, but he still maintains a significant stake in the company. The filing also noted indirect ownership of shares through a 401(k) plan and an Employee Stock Ownership Plan (ESOP), with 2,407 and 1,163 shares respectively.

The disclosure of these transactions provides investors with insight into the trading activities of Eastman Chemical's executives, which can be a valuable piece of information when assessing the company's stock performance and insider confidence.

Eastman Chemical Co., headquartered in Kingsport, Tennessee, is a global specialty chemicals company that produces a broad range of advanced materials, additives, and functional products.

InvestingPro Insights

As investors digest the news of executive vice president Brad A. Lich's recent stock transactions in Eastman Chemical Co. (NYSE:EMN), it's worth considering the broader financial context of the company. According to real-time data from InvestingPro, Eastman Chemical is currently trading at a P/E ratio of 12.81, suggesting a potentially attractive valuation relative to near-term earnings growth. This aligns with an InvestingPro Tip highlighting that the stock is trading at a low P/E ratio compared to its earnings growth potential.

Moreover, Eastman Chemical has demonstrated a strong commitment to returning value to shareholders. The company has not only maintained dividend payments for 31 consecutive years but has also raised its dividend for 14 consecutive years, as per another InvestingPro Tip. This consistent dividend growth is underscored by a current dividend yield of 3.21% and a dividend growth rate of 2.53% over the last twelve months as of Q1 2024.

Investors looking for stability might also be reassured by the company's low price volatility, an attribute noted by InvestingPro. However, it's important to consider that analysts have revised their earnings expectations downwards for the upcoming period, which could impact the stock's future performance.

For those interested in a deeper dive into Eastman Chemical's financial health and future prospects, InvestingPro offers additional tips. There are currently 6 more InvestingPro Tips available, which can be accessed through the company's profile on the InvestingPro platform. To enrich your investment strategy with these insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.

Finally, it's noteworthy that the company's market capitalization stands at $11.77 billion USD, and the stock is trading near its 52-week high, at 97.68% of the peak price. This performance is complemented by a strong return over the last three months, with a price total return of 19.37%, and over the last six months, with a return of 25.46%.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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