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Eastman Chemical EVP Stephen Crawford sells stock for $1.03 million

Published 12/02/2024, 05:00 PM
EMN
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Stephen Glenn Crawford, Executive Vice President and Chief Sustainability Officer at Eastman Chemical Co (NYSE:EMN), recently sold a significant portion of his holdings in the company. According to InvestingPro data, Eastman Chemical maintains a GOOD financial health score and trades at an attractive P/E ratio of 13.8x, while offering a steady 3.1% dividend yield that has been maintained for 31 consecutive years. According to a recent SEC filing, Crawford sold 9,695 shares of Eastman Chemical's common stock on November 27, 2024, at a price of $106 per share, totaling approximately $1.03 million.

The transaction followed an exercise of stock options, where Crawford acquired the same number of shares at an exercise price of $65.16 per share. Following these transactions, Crawford's direct ownership stands at 47,287 shares. Additionally, he holds indirect interests through various employee and retirement plans.

In other recent news, Eastman Chemical Company (NYSE:EMN) has reported its third-quarter earnings for 2024, demonstrating resilience amid economic challenges. The company achieved mid-single-digit growth in volume mix and is plotting a course for improved performance in 2025 through strategic cost management and the introduction of innovative products. The company anticipates modest underlying growth in 2025, largely driven by innovation and a potential economic recovery.

Mizuho (NYSE:MFG) Securities recently updated its outlook on Eastman Chemical, increasing the price target to $117.00, up from the previous target of $113.00, while maintaining a Neutral rating. This adjustment comes after a recent tour of Eastman Chemical's first commercial scale PET chemical recycling plant, which processes mixed waste plastic into chemicals for various end-products. The analyst from Mizhuo noted a high level of complexity in the plant's operations, suggesting a significant barrier to entry for potential competitors.

Eastman Chemical has faced startup challenges with its Kingsport methanolysis project but expects better performance in the upcoming year. A new Texas facility, supported by DOE funding and Pepsi as an anchor customer, has been approved, reinforcing the company's growth strategy. Eastman Chemical is also committed to energy efficiency and decarbonization, which are expected to drive cost savings. These recent developments reflect the company's strategic approach to weather the current economic challenges and set the stage for future growth.

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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