Traders Purchase High Volume of Call Options on Eastman Kodak (NYSE:KODK)

Key Points

• Unusually high options activity: Traders purchased 6,697 call options on Eastman Kodak, 933% above the average daily volume of 648 calls.
• Shares declined 2.4% to $9.55 during Thursday trading. Kodak has a market capitalization of approximately $935.5 million and reported negative net margin and return on equity.
• Analyst sentiment remains cautious: Despite some rating upgrades, the stock has a consensus “Reduce” rating, while institutional investors and hedge funds own 33.65% of the company.

Eastman Kodak Company (NYSE:KODK - Get Free Report) was the target of unusually large options trading activity on Thursday. Traders bought 6,697 call options on the company. This represents an increase of 933% compared to the average daily volume of 648 call options.

Eastman Kodak Stock Down 2.4%

KODK stock traded down $0.23 during midday trading on Thursday, reaching $9.55. 302,868 shares of the company's stock traded hands, compared to its average volume of 1,013,714. The company has a quick ratio of 1.95, a current ratio of 2.91 and a debt-to-equity ratio of 0.17. The firm's fifty day moving average price is $9.49 and its 200-day moving average price is $9.84. Eastman Kodak has a 52 week low of $5.78 and a 52 week high of $14.87. The company has a market cap of $935.53 million, a price-to-earnings ratio of -6.87 and a beta of 1.57.

Eastman Kodak (NYSE:KODK - Get Free Report) last released its quarterly earnings data on Tuesday, August 4th. The technology company reported $0.13 earnings per share for the quarter. The firm had revenue of $311.00 million for the quarter. Eastman Kodak had a negative net margin of 8.28% and a negative return on equity of 14.47%. As a group, sell-side analysts forecast that Eastman Kodak will post 0.39 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on KODK. Wall Street Zen upgraded shares of Eastman Kodak from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Zacks Research raised Eastman Kodak to a "hold" rating in a research report on Thursday, September 17th. Finally, Weiss Ratings raised Eastman Kodak from a "sell (d)" rating to a "sell (d+)" rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Eastman Kodak has a consensus rating of "Reduce".

Hedge Funds Weigh In On Eastman Kodak

Hedge funds have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp bought a new position in shares of Eastman Kodak in the second quarter valued at approximately $1,941,000. State Street Corp grew its holdings in Eastman Kodak by 16.2% during the second quarter. State Street Corp now owns 2,345,933 shares of the technology company's stock worth $21,700,000 after buying an additional 326,398 shares in the last quarter. Bank of America Corp DE raised its position in Eastman Kodak by 438.9% in the 1st quarter. Bank of America Corp DE now owns 331,883 shares of the technology company's stock valued at $3,004,000 after buying an additional 270,297 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Eastman Kodak by 5.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 2,177,801 shares of the technology company's stock valued at $19,707,000 after buying an additional 113,398 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Eastman Kodak by 1,513.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 67,869 shares of the technology company's stock valued at $628,000 after acquiring an additional 63,663 shares in the last quarter. Institutional investors and hedge funds own 33.65% of the company's stock.

About Eastman Kodak

Eastman Kodak Company, operating under the Kodak brand, is a technology company that provides products and services for commercial printing, publishing, packaging and other imaging-related markets. Its offerings include digital printing presses, workflow software, prepress systems, offset printing plates, inks and related consumables. Kodak also supplies motion picture film and other specialty imaging products to customers in the media and entertainment industries.

The company's Advanced Materials and Chemicals activities support applications in areas such as specialty chemicals, coatings and other manufactured materials.

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