Eastman Chemical (NYSE:EMN) saw a large growth in short interest in the month of January. As of January 31st, there was short interest totalling 1,900,000 shares, a growth of 18.0% from the January 15th total of 1,610,000 shares. Based on an average daily trading volume, of 1,080,000 shares, the short-interest ratio is presently 1.8 days. Approximately 1.4% of the company’s shares are short sold.
Shares of Eastman Chemical stock traded down $0.30 during trading hours on Friday, hitting $74.73. The company’s stock had a trading volume of 799,800 shares, compared to its average volume of 1,198,590. The business has a fifty day moving average of $74.90 and a 200 day moving average of $73.91. Eastman Chemical has a 1-year low of $61.22 and a 1-year high of $86.18. The company has a quick ratio of 0.84, a current ratio of 1.65 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $10.22 billion, a PE ratio of 13.69, a P/E/G ratio of 1.19 and a beta of 1.38.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.42 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.33 by $0.09. Eastman Chemical had a net margin of 8.19% and a return on equity of 16.50%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.20 billion. During the same quarter in the previous year, the business posted $1.39 EPS. The business’s quarterly revenue was down 7.2% on a year-over-year basis. On average, sell-side analysts anticipate that Eastman Chemical will post 7.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 3rd. Shareholders of record on Monday, March 16th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.53%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 37.03%.
EMN has been the subject of a number of research analyst reports. Barclays dropped their price objective on Eastman Chemical from $82.00 to $81.00 and set an “equal weight” rating for the company in a report on Thursday, February 6th. UBS Group set a $89.00 target price on Eastman Chemical and gave the company a “buy” rating in a report on Friday, October 25th. SunTrust Banks lifted their target price on Eastman Chemical to $80.00 and gave the company a “hold” rating in a report on Tuesday, October 29th. They noted that the move was a valuation call. Wells Fargo & Co boosted their price target on Eastman Chemical from $84.00 to $85.00 and gave the company an “overweight” rating in a research report on Wednesday, January 15th. Finally, Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating and set a $83.00 price target for the company in a research note on Thursday, January 2nd. Eight investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Eastman Chemical has an average rating of “Hold” and an average target price of $82.38.
Institutional investors and hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC raised its stake in Eastman Chemical by 5.2% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,697 shares of the basic materials company’s stock valued at $213,000 after buying an additional 133 shares in the last quarter. Butensky & Cohen Financial Security Inc. raised its position in shares of Eastman Chemical by 0.5% during the 4th quarter. Butensky & Cohen Financial Security Inc. now owns 32,333 shares of the basic materials company’s stock valued at $2,563,000 after acquiring an additional 160 shares in the last quarter. CENTRAL TRUST Co raised its position in shares of Eastman Chemical by 13.9% during the 4th quarter. CENTRAL TRUST Co now owns 1,313 shares of the basic materials company’s stock valued at $104,000 after acquiring an additional 160 shares in the last quarter. FTB Advisors Inc. lifted its stake in Eastman Chemical by 49.5% during the fourth quarter. FTB Advisors Inc. now owns 598 shares of the basic materials company’s stock worth $47,000 after purchasing an additional 198 shares during the last quarter. Finally, Hotaling Investment Management LLC lifted its stake in Eastman Chemical by 1.1% during the fourth quarter. Hotaling Investment Management LLC now owns 17,645 shares of the basic materials company’s stock worth $1,399,000 after purchasing an additional 198 shares during the last quarter. Institutional investors own 79.60% of the company’s stock.
Eastman Chemical Company Profile
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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