Eastman Chemical (NYSE:EMN – Get Rating) was the recipient of a significant drop in short interest in April. As of April 15th, there was short interest totalling 1,290,000 shares, a drop of 17.3% from the March 31st total of 1,560,000 shares. Based on an average daily trading volume, of 1,220,000 shares, the days-to-cover ratio is presently 1.1 days. Approximately 1.0% of the company’s shares are short sold.
Shares of NYSE EMN opened at $104.95 on Wednesday. The company has a market capitalization of $13.53 billion, a price-to-earnings ratio of 17.18, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.56 and a quick ratio of 1.06. The business has a 50-day moving average of $109.39 and a two-hundred day moving average of $113.93. Eastman Chemical has a 1 year low of $98.24 and a 1 year high of $130.47.
Eastman Chemical (NYSE:EMN – Get Rating) last announced its quarterly earnings results on Thursday, April 28th. The basic materials company reported $2.06 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.18 by ($0.12). The business had revenue of $2.71 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Eastman Chemical had a return on equity of 19.79% and a net margin of 7.59%. The firm’s quarterly revenue was up 12.7% on a year-over-year basis. During the same period last year, the firm earned $2.13 earnings per share. As a group, equities research analysts expect that Eastman Chemical will post 9.61 earnings per share for the current year.
In other Eastman Chemical news, SVP Mark K. Cox sold 4,858 shares of Eastman Chemical stock in a transaction on Friday, February 25th. The stock was sold at an average price of $120.79, for a total value of $586,797.82. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Christopher Moore Killian sold 14,738 shares of Eastman Chemical stock in a transaction on Thursday, February 10th. The shares were sold at an average price of $122.75, for a total value of $1,809,089.50. The disclosure for this sale can be found here. Company insiders own 1.87% of the company’s stock.
Several institutional investors have recently bought and sold shares of the company. JPMorgan Chase & Co. lifted its holdings in shares of Eastman Chemical by 4.1% in the 4th quarter. JPMorgan Chase & Co. now owns 10,053,889 shares of the basic materials company’s stock valued at $1,215,615,000 after purchasing an additional 394,406 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Eastman Chemical by 1.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,677,811 shares of the basic materials company’s stock valued at $269,120,000 after purchasing an additional 25,673 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Eastman Chemical by 0.5% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,377,428 shares of the basic materials company’s stock valued at $239,502,000 after purchasing an additional 11,871 shares during the last quarter. Morgan Stanley raised its stake in Eastman Chemical by 18.6% during the 3rd quarter. Morgan Stanley now owns 1,782,154 shares of the basic materials company’s stock valued at $179,534,000 after acquiring an additional 279,113 shares during the last quarter. Finally, Eagle Asset Management Inc. raised its stake in Eastman Chemical by 22.0% during the 4th quarter. Eagle Asset Management Inc. now owns 1,507,829 shares of the basic materials company’s stock valued at $180,487,000 after acquiring an additional 272,326 shares during the last quarter. 87.40% of the stock is owned by institutional investors and hedge funds.
A number of brokerages have recently weighed in on EMN. Citigroup dropped their price objective on Eastman Chemical from $139.00 to $127.00 in a research note on Monday. Piper Sandler dropped their price objective on Eastman Chemical from $126.00 to $118.00 and set a “neutral” rating for the company in a research note on Wednesday, March 9th. KeyCorp dropped their price objective on Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating for the company in a research note on Tuesday, April 5th. Stifel Nicolaus dropped their price objective on Eastman Chemical to $155.00 in a research note on Monday. Finally, Morgan Stanley boosted their target price on Eastman Chemical from $142.00 to $165.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 11th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $132.07.
Eastman Chemical Company Profile (Get Rating)
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.
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