Eastman Chemical Company (NYSE:EMN) Short Interest Up 18.6% in March

Key Points

• Short interest rose 18.6% in March to 5,349,657 shares, equal to about 4.8% of the stock and a short-interest ratio of 2.8 days.
• Eastman paid a $0.84 quarterly dividend (annualized $3.36), implying a 4.5% yield and a payout ratio of 82.15%.
• In the latest quarter (reported Jan. 29) EPS was $0.75, missing estimates by $0.01, while revenue fell 12.1% year-over-year to $1.97 billion; analysts carry a consensus "Hold" rating with a $80 price target.

Eastman Chemical Company (NYSE:EMN - Get Free Report) saw a large increase in short interest in March. As of March 31st, there was short interest totaling 5,349,657 shares, an increase of 18.6% from the March 15th total of 4,509,605 shares. Based on an average daily trading volume, of 1,909,622 shares, the short-interest ratio is currently 2.8 days. Approximately 4.8% of the company's stock are sold short.

Eastman Chemical Stock Up 0.7%

Shares of Eastman Chemical stock traded up $0.50 on Friday, reaching $73.85. The company's stock had a trading volume of 1,815,346 shares, compared to its average volume of 1,531,022. The company has a market capitalization of $8.43 billion, a price-to-earnings ratio of 18.06, a P/E/G ratio of 1.60 and a beta of 1.16. The firm's fifty day simple moving average is $73.95 and its two-hundred day simple moving average is $67.39. Eastman Chemical has a 52 week low of $56.11 and a 52 week high of $84.18. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The firm had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the firm earned $1.87 EPS. The business's revenue was down 12.1% on a year-over-year basis. Equities analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, April 8th. Investors of record on Friday, March 13th were issued a $0.84 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.5%. Eastman Chemical's payout ratio is presently 82.15%.

Institutional Trading of Eastman Chemical

Several large investors have recently modified their holdings of EMN. HighTower Advisors LLC grew its holdings in Eastman Chemical by 3,448.7% during the fourth quarter. HighTower Advisors LLC now owns 1,695,842 shares of the basic materials company's stock valued at $108,246,000 after purchasing an additional 1,648,054 shares during the period. Norges Bank purchased a new stake in Eastman Chemical in the fourth quarter worth about $95,621,000. State Street Corp increased its position in Eastman Chemical by 24.3% in the third quarter. State Street Corp now owns 5,687,097 shares of the basic materials company's stock worth $363,314,000 after buying an additional 1,112,391 shares in the last quarter. Allspring Global Investments Holdings LLC lifted its holdings in Eastman Chemical by 97.0% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company's stock valued at $119,672,000 after purchasing an additional 916,023 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership boosted its position in shares of Eastman Chemical by 101.6% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,425,806 shares of the basic materials company's stock worth $91,009,000 after purchasing an additional 718,502 shares during the period. Institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on EMN shares. Weiss Ratings raised Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a research report on Wednesday, February 18th. Royal Bank Of Canada reaffirmed a "sector perform" rating and set a $79.00 price objective on shares of Eastman Chemical in a research report on Wednesday, February 4th. Zacks Research raised Eastman Chemical from a "strong sell" rating to a "hold" rating in a report on Wednesday, March 4th. Evercore set a $75.00 target price on Eastman Chemical in a report on Wednesday, February 18th. Finally, Citigroup reduced their target price on Eastman Chemical from $84.00 to $83.00 and set a "buy" rating for the company in a report on Thursday. Seven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $80.00.

Eastman Chemical Company Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

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