Traders Purchase High Volume of Put Options on Eastman Chemical (EMN)
Eastman Chemical (NYSE:EMN) saw some unusual options trading activity on Wednesday. Traders bought 2,102 put options on the stock. This is an increase of 1,330% compared to the typical daily volume of 147 put options.
Several research firms have commented on EMN. Zacks Investment Research lowered shares of Eastman Chemical from a “hold” rating to a “sell” rating in a report on Monday. Nomura raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price target for the company from $89.00 to $93.00 in a report on Monday. KeyCorp lowered their price target on shares of Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating on the stock in a report on Friday, April 12th. Cowen downgraded shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $94.00 to $88.00 in a research report on Wednesday, February 6th. Finally, Standpoint Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $91.30.
Shares of Eastman Chemical stock opened at $83.76 on Thursday. The stock has a market capitalization of $11.93 billion, a price-to-earnings ratio of 10.21, a PEG ratio of 1.10 and a beta of 1.14. Eastman Chemical has a fifty-two week low of $67.40 and a fifty-two week high of $110.17. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.82 and a quick ratio of 0.96.
The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given a $0.62 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.96%. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.24%.
Several institutional investors have recently modified their holdings of EMN. Victory Capital Management Inc. raised its position in shares of Eastman Chemical by 47.1% during the 4th quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock worth $238,397,000 after purchasing an additional 1,043,805 shares during the last quarter. Valley National Advisers Inc. acquired a new position in shares of Eastman Chemical during the 4th quarter worth about $230,000. Sowell Financial Services LLC raised its position in shares of Eastman Chemical by 9.5% during the 4th quarter. Sowell Financial Services LLC now owns 6,188 shares of the basic materials company’s stock worth $452,000 after purchasing an additional 539 shares during the last quarter. Garrison Financial Corp raised its position in shares of Eastman Chemical by 3.5% during the 4th quarter. Garrison Financial Corp now owns 40,531 shares of the basic materials company’s stock worth $2,743,000 after purchasing an additional 1,367 shares during the last quarter. Finally, Captrust Financial Advisors raised its position in shares of Eastman Chemical by 17.5% during the 4th quarter. Captrust Financial Advisors now owns 1,246 shares of the basic materials company’s stock worth $92,000 after purchasing an additional 186 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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