Brad A. Lich, Executive Vice President and Chief Commercial Officer at Eastman Chemical Co. (NYSE:EMN), has sold shares worth approximately $3.78 million, according to a recent SEC filing. The transactions took place on November 27 and December 2, with shares sold at prices ranging from $104.06 to $105.00 per share. The stock has shown strong performance this year, with a total return of 26% over the past 12 months. According to InvestingPro, the company maintains a "GOOD" financial health score and offers a 3.1% dividend yield.
In addition to the sales, Lich acquired shares through stock option exercises. On November 27, he acquired 100 shares at $65.16 each, and on December 2, he acquired 36,277 shares at the same price. The total value of shares acquired through these transactions amounted to approximately $2.37 million.
Following these transactions, Lich's direct ownership in Eastman Chemical stands at 68,793 shares.
In other recent news, Eastman Chemical Company (NYSE:EMN) has reported its third-quarter earnings for 2024, demonstrating a strategic approach despite current economic challenges. The company achieved mid-single-digit growth in volume mix, with its sights set on improved performance in 2025 through cost management and the introduction of innovative products. Eastman Chemical also anticipates modest underlying growth in 2025, largely driven by innovation and a potential economic recovery.
Mizuho (NYSE:MFG) Securities recently reaffirmed a Neutral rating on Eastman Chemical, with a modest increase in price target to $117.00, up from $113.00. This adjustment follows a tour of Eastman Chemical's first commercial scale PET chemical recycling plant, highlighting the complex nature of the company's operations and a potential competitive edge due to the intricacies of its recycling technology.
Eastman Chemical has faced 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. The company is also committed to energy efficiency and decarbonization, which are expected to drive cost savings. These are recent developments that provide investors with an updated perspective on Eastman Chemical's strategies and performance.
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