Eastman Chemical Sees Unusually High Options Volume (NYSE:EMN)

Eastman Chemical (NYSE:EMN - Get Free Report) was the recipient of unusually large options trading activity on Monday. Traders bought 6,066 call options on the stock. This represents an increase of approximately 888% compared to the typical volume of 614 call options.

Hedge Funds Weigh In On Eastman Chemical

Several hedge funds have recently bought and sold shares of EMN. Crews Bank & Trust purchased a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $27,000. Picton Mahoney Asset Management boosted its position in Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after buying an additional 124 shares during the period. Assetmark Inc. grew its stake in shares of Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after acquiring an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter worth $35,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at $37,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently commented on EMN shares. Piper Sandler decreased their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. StockNews.com upgraded shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. KeyCorp reduced their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research report on Monday. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Finally, Barclays dropped their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $102.64.

Eastman Chemical Trading Down 0.2 %

Shares of EMN traded down $0.15 during mid-day trading on Monday, reaching $75.69. The stock had a trading volume of 1,800,429 shares, compared to its average volume of 1,037,294. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The firm has a market cap of $8.72 billion, a price-to-earnings ratio of 9.86, a P/E/G ratio of 1.22 and a beta of 1.38. The business's fifty day moving average is $87.38 and its 200 day moving average is $94.89. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the company posted $1.61 EPS. The company's quarterly revenue was down .9% on a year-over-year basis. On average, sell-side analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 4.39%. Eastman Chemical's dividend payout ratio is presently 42.24%.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.