Eastman Chemical Sees Unusually Large Options Volume (EMN)

Eastman Chemical (NYSE:EMN) was the recipient of some unusual options trading activity on Wednesday. Investors bought 11,485 call options on the stock. This is an increase of 1,992% compared to the average daily volume of 549 call options.

EMN has been the subject of a number of research analyst reports. ValuEngine downgraded shares of Eastman Chemical from a “strong-buy” rating to a “buy” rating in a report on Monday, April 2nd. SunTrust Banks boosted their price target on shares of Eastman Chemical to $105.00 and gave the stock a “hold” rating in a research note on Monday, February 5th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, January 12th. KeyCorp reissued a “buy” rating and issued a $118.00 price target (up from $108.00) on shares of Eastman Chemical in a research note on Monday, January 8th. Finally, Barclays boosted their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock an “equal weight” rating in a research note on Monday, February 5th. Eight investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $103.27.

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Shares of EMN stock traded down $2.47 during mid-day trading on Friday, reaching $102.85. The stock had a trading volume of 959,505 shares, compared to its average volume of 1,317,056. Eastman Chemical has a 52-week low of $76.11 and a 52-week high of $112.45. The stock has a market capitalization of $15,057.25, a price-to-earnings ratio of 13.52, a PEG ratio of 1.39 and a beta of 1.21. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, February 1st. The basic materials company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.56. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.02%. The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter in the previous year, the company earned $1.51 earnings per share. The company’s revenue for the quarter was up 8.0% compared to the same quarter last year. equities analysts predict that Eastman Chemical will post 8.54 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 6th. Shareholders of record on Thursday, March 15th were given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date was Wednesday, March 14th. Eastman Chemical’s payout ratio is 29.43%.

In other news, Director Stephen R. Demeritt sold 4,000 shares of Eastman Chemical stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $99.84, for a total transaction of $399,360.00. Following the completion of the sale, the director now directly owns 17,732 shares of the company’s stock, valued at approximately $1,770,362.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lucian Boldea sold 3,325 shares of Eastman Chemical stock in a transaction on Friday, February 9th. The stock was sold at an average price of $95.00, for a total transaction of $315,875.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 142,935 shares of company stock valued at $14,241,099. Insiders own 1.14% of the company’s stock.

Hedge funds have recently added to or reduced their stakes in the business. Chemical Bank increased its position in shares of Eastman Chemical by 20.0% during the fourth quarter. Chemical Bank now owns 12,010 shares of the basic materials company’s stock valued at $1,113,000 after buying an additional 2,000 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in shares of Eastman Chemical by 3.2% during the fourth quarter. Cambridge Investment Research Advisors Inc. now owns 17,330 shares of the basic materials company’s stock valued at $1,605,000 after buying an additional 534 shares during the period. Xact Kapitalforvaltning AB increased its position in shares of Eastman Chemical by 7.6% during the fourth quarter. Xact Kapitalforvaltning AB now owns 13,671 shares of the basic materials company’s stock valued at $1,266,000 after buying an additional 970 shares during the period. OLD Mutual Customised Solutions Proprietary Ltd. increased its position in shares of Eastman Chemical by 50.8% during the fourth quarter. OLD Mutual Customised Solutions Proprietary Ltd. now owns 8,900 shares of the basic materials company’s stock valued at $824,000 after buying an additional 3,000 shares during the period. Finally, HighPoint Advisor Group LLC increased its position in shares of Eastman Chemical by 69.6% during the fourth quarter. HighPoint Advisor Group LLC now owns 13,139 shares of the basic materials company’s stock valued at $1,286,000 after buying an additional 5,394 shares during the period. Hedge funds and other institutional investors own 85.45% of the company’s stock.

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About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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