Eastman Chemical Target of Unusually Large Options Trading (EMN)

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Eastman Chemical (NYSE:EMN) was the target of some unusual options trading on Tuesday. Stock investors purchased 2,397 call options on the stock. This represents an increase of 1,335% compared to the average volume of 167 call options.

EMN stock opened at $84.51 on Wednesday. The company has a quick ratio of 0.96, a current ratio of 1.82 and a debt-to-equity ratio of 1.01. Eastman Chemical has a 1 year low of $67.40 and a 1 year high of $110.17. The stock has a market capitalization of $11.65 billion, a PE ratio of 10.31, a P/E/G ratio of 1.10 and a beta of 1.14.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.21). Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.42 billion. Equities analysts predict that Eastman Chemical will post 8.75 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.62 dividend. The ex-dividend date was Thursday, March 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.93%. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.24%.

Several analysts have recently issued reports on the company. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Tuesday, March 26th. KeyCorp reduced their target price on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating on the stock in a research report on Friday, April 12th. Nomura upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and increased their target price for the stock from $89.00 to $93.00 in a research report on Monday. Cowen downgraded Eastman Chemical from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $94.00 to $88.00 in a research report on Wednesday, February 6th. Finally, Jefferies Financial Group dropped their price target on Eastman Chemical to $91.00 and set a “buy” rating for the company in a research note on Friday, December 21st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company. Eastman Chemical currently has a consensus rating of “Hold” and an average price target of $91.30.

Hedge funds have recently bought and sold shares of the company. CSat Investment Advisory L.P. grew its stake in shares of Eastman Chemical by 125.2% in the fourth quarter. CSat Investment Advisory L.P. now owns 349 shares of the basic materials company’s stock valued at $26,000 after buying an additional 194 shares in the last quarter. JNBA Financial Advisors acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at about $28,000. Nalls Sherbakoff Group LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at about $28,000. Moody National Bank Trust Division acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at about $29,000. Finally, Capital Financial Planning LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 82.91% 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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