Eastman Chemical (NYSE:EMN) was the recipient of unusually large options trading on Monday. Investors purchased 981 put options on the stock. This is an increase of 616% compared to the typical volume of 137 put options.
Eastman Chemical (EMN) opened at $92.53 on Thursday. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94. Eastman Chemical has a 52-week low of $74.78 and a 52-week high of $94.96. The firm has a market cap of $13,360.00, a P/E ratio of 13.43, a price-to-earnings-growth ratio of 1.58 and a beta of 1.30.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.16. The business had revenue of $2.47 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The company’s quarterly revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $1.86 earnings per share. sell-side analysts predict that Eastman Chemical will post 7.12 EPS for the current fiscal year.
Several research analysts have weighed in on EMN shares. SunTrust Banks reaffirmed a “hold” rating and issued a $90.00 target price on shares of Eastman Chemical in a research report on Thursday, October 12th. Jefferies Group reissued a “buy” rating and set a $96.00 price objective on shares of Eastman Chemical in a report on Tuesday, October 3rd. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Goldman Sachs Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and increased their target price for the company from $81.00 to $101.00 in a research note on Thursday, September 28th. Finally, Cowen restated an “outperform” rating and set a $106.00 target price (up previously from $92.00) on shares of Eastman Chemical in a research note on Friday, December 8th. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $96.93.
In related news, SVP Perry Stuckey sold 5,200 shares of the stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total value of $479,024.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.14% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. BlackRock Inc. lifted its holdings in shares of Eastman Chemical by 6.3% during the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after purchasing an additional 717,506 shares during the last quarter. Parametric Portfolio Associates LLC lifted its stake in Eastman Chemical by 249.2% during the second quarter. Parametric Portfolio Associates LLC now owns 759,967 shares of the basic materials company’s stock worth $63,830,000 after purchasing an additional 542,349 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in Eastman Chemical during the third quarter worth $42,235,000. PGGM Investments lifted its stake in Eastman Chemical by 259.5% during the third quarter. PGGM Investments now owns 333,625 shares of the basic materials company’s stock worth $30,190,000 after purchasing an additional 240,832 shares during the last quarter. Finally, Wells Fargo & Company MN lifted its stake in Eastman Chemical by 49.1% during the third quarter. Wells Fargo & Company MN now owns 680,082 shares of the basic materials company’s stock worth $61,540,000 after purchasing an additional 223,873 shares during the last quarter. Hedge funds and other institutional investors own 82.49% of the company’s stock.
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Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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