Investors Purchase High Volume of Eastman Chemical Call Options (EMN)

Eastman Chemical Company (NYSE:EMN) was the recipient of some unusual options trading activity on Thursday. Stock investors acquired 7,049 call options on the stock. This is an increase of approximately 1,920% compared to the typical daily volume of 349 call options.

A number of equities analysts have recently commented on the stock. KeyCorp reissued a “buy” rating and issued a $108.00 price target (up previously from $100.00) on shares of Eastman Chemical in a research report on Monday, October 30th. UBS lifted their price target on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Wells Fargo & Company reissued an “outperform” rating and issued a $102.00 price target (up previously from $94.00) on shares of Eastman Chemical in a research report on Monday, October 30th. They noted that the move was a valuation call. Royal Bank of Canada reissued a “sector perform” rating and issued a $93.00 price target (up previously from $91.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Finally, J P Morgan Chase & Co lifted their price target on shares of Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a research report on Monday, October 30th. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $96.93.

Shares of Eastman Chemical (NYSE EMN) opened at $90.23 on Friday. The stock has a market cap of $13,081.27, a price-to-earnings ratio of 12.12, a PEG ratio of 1.55 and a beta of 1.31. 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.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, topping the 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%. Eastman Chemical’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter last year, the company posted $1.86 earnings per share. research analysts expect that Eastman Chemical will post 7.12 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Monday, December 18th will be paid a $0.56 dividend. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.51. The ex-dividend date of this dividend is Friday, December 15th. This represents a $2.24 annualized dividend and a dividend yield of 2.48%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.23%.

In other news, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total value of $479,024.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. 1.14% of the stock is currently owned by company insiders.

Several institutional investors have recently made changes to their positions in the company. RNC Capital Management LLC grew its stake in shares of Eastman Chemical by 0.5% in the second quarter. RNC Capital Management LLC now owns 3,278 shares of the basic materials company’s stock worth $275,000 after acquiring an additional 15 shares during the last quarter. Veritable L.P. grew its stake in shares of Eastman Chemical by 1.0% in the second quarter. Veritable L.P. now owns 2,776 shares of the basic materials company’s stock worth $233,000 after acquiring an additional 27 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Eastman Chemical by 1.2% in the second quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after acquiring an additional 50 shares during the last quarter. Pinnacle Associates Ltd. boosted its stake in Eastman Chemical by 0.5% during the second quarter. Pinnacle Associates Ltd. now owns 14,207 shares of the basic materials company’s stock worth $1,193,000 after buying an additional 65 shares in the last quarter. Finally, Calamos Advisors LLC boosted its stake in Eastman Chemical by 2.6% during the second quarter. Calamos Advisors LLC now owns 3,170 shares of the basic materials company’s stock worth $266,000 after buying an additional 80 shares in the last quarter. Institutional investors and hedge funds own 82.66% of the company’s stock.

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About Eastman Chemical

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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