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.
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.
TRADEMARK VIOLATION NOTICE: This report was first published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are viewing this report on another website, it was copied illegally and reposted in violation of U.S. and international copyright and trademark law. The original version of this report can be read at https://www.dispatchtribunal.com/2018/04/07/investors-buy-large-volume-of-call-options-on-eastman-chemical-emn.html.
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.
Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.