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

Eastman Chemical Company (NYSE:EMN) saw some unusual options trading on Tuesday. Traders purchased 16,522 call options on the stock. This is an increase of approximately 974% compared to the average volume of 1,539 call options.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Wells Fargo & Company decreased their target price on Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating on the stock in a report on Wednesday, November 5th. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. UBS Group cut their price objective on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Evercore ISI decreased their target price on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a report on Tuesday, November 11th. Finally, Royal Bank Of Canada set a $71.00 price target on shares of Eastman Chemical in a report on Tuesday, October 14th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $78.62.

Eastman Chemical Stock Up 3.4%

NYSE EMN traded up $2.01 during trading on Tuesday, reaching $60.74. The company’s stock had a trading volume of 804,569 shares, compared to its average volume of 1,708,768. The business has a 50-day moving average price of $61.57 and a 200-day moving average price of $69.82. Eastman Chemical has a 1-year low of $56.11 and a 1-year high of $106.19. The stock has a market capitalization of $6.93 billion, a PE ratio of 8.55, a PEG ratio of 6.16 and a beta of 1.31. The company has a current ratio of 1.68, a quick ratio of 0.78 and a debt-to-equity ratio of 0.81.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.04). The business had revenue of $2.20 billion during the quarter, compared to analyst estimates of $2.28 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The firm’s revenue for the quarter was down 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $2.26 EPS. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Holderness Investments Co. raised its holdings in shares of Eastman Chemical by 1.2% in the first quarter. Holderness Investments Co. now owns 10,466 shares of the basic materials company’s stock valued at $922,000 after buying an additional 125 shares during the last quarter. CX Institutional increased its position in Eastman Chemical by 10.6% in the 2nd quarter. CX Institutional now owns 1,339 shares of the basic materials company’s stock valued at $100,000 after acquiring an additional 128 shares in the last quarter. Wesbanco Bank Inc. raised its stake in shares of Eastman Chemical by 3.3% in the second quarter. Wesbanco Bank Inc. now owns 4,109 shares of the basic materials company’s stock worth $307,000 after acquiring an additional 130 shares during the last quarter. Y.D. More Investments Ltd raised its stake in shares of Eastman Chemical by 15.0% in the first quarter. Y.D. More Investments Ltd now owns 1,044 shares of the basic materials company’s stock worth $92,000 after acquiring an additional 136 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB lifted its position in shares of Eastman Chemical by 65.5% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 146 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

About Eastman Chemical

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.