Eastman Chemical Sees Unusually High Options Volume (EMN)

Eastman Chemical (NYSE:EMN) was the recipient of some unusual options trading on Wednesday. Traders acquired 4,381 call options on the company. This represents an increase of 1,216% compared to the average daily volume of 333 call options.

In other Eastman Chemical news, insider Lucian Boldea sold 3,523 shares of the firm’s stock in a transaction that occurred on Tuesday, July 31st. The stock was sold at an average price of $103.58, for a total value of $364,912.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Mark J. Costa sold 20,000 shares of the firm’s stock in a transaction that occurred on Friday, August 3rd. The shares were sold at an average price of $100.00, for a total value of $2,000,000.00. Following the completion of the transaction, the chief executive officer now owns 190,584 shares of the company’s stock, valued at $19,058,400. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 39,715 shares of company stock valued at $4,005,972. Corporate insiders own 1.18% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of EMN. First Mercantile Trust Co. bought a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $113,000. Fort L.P. bought a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $116,000. Point72 Asset Management L.P. bought a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $120,000. Cornerstone Wealth Management LLC bought a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $177,000. Finally, Acadian Asset Management LLC bought a new position in shares of Eastman Chemical during the 2nd quarter worth approximately $218,000. Institutional investors own 83.05% of the company’s stock.

A number of research analysts have weighed in on the company. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. ValuEngine downgraded Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. Finally, Morgan Stanley raised their price target on Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 31st. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company. Eastman Chemical has an average rating of “Hold” and a consensus price target of $109.45.

Shares of NYSE EMN opened at $84.24 on Thursday. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. Eastman Chemical has a 12 month low of $84.20 and a 12 month high of $112.45. The company has a market cap of $13.52 billion, a PE ratio of 11.07, a price-to-earnings-growth ratio of 1.28 and a beta of 1.07.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.02. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the previous year, the company posted $1.98 EPS. The firm’s revenue for the quarter was up 8.4% compared to the same quarter last year. On average, research analysts expect that Eastman Chemical will post 8.57 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Friday, October 5th. Stockholders of record on Friday, September 14th were paid a dividend of $0.56 per share. The ex-dividend date was Thursday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 2.66%. Eastman Chemical’s dividend payout ratio is currently 29.43%.

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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