Eastman Chemical (NYSE:EMN) Short Interest Update

Eastman Chemical (NYSE:EMN) was the recipient of a large growth in short interest during the month of June. As of June 15th, there was short interest totalling 3,105,500 shares, a growth of 13.7% from the May 15th total of 2,731,400 shares. Currently, 2.2% of the company’s shares are short sold. Based on an average trading volume of 1,170,000 shares, the short-interest ratio is presently 2.7 days.

A number of equities research analysts recently issued reports on EMN shares. ValuEngine raised Xylem from a “hold” rating to a “buy” rating in a research note on Friday, June 21st. KeyCorp set a $37.00 price objective on SeaWorld Entertainment and gave the stock a “buy” rating in a report on Friday, April 12th. Zacks Investment Research downgraded EXACT Sciences from a “hold” rating to a “sell” rating in a report on Tuesday, July 2nd. Citigroup set a $12.00 price objective on Controladora Vuela Co Avcn SA CV and gave the stock a “buy” rating in a report on Monday, July 15th. Finally, SunTrust Banks set a $80.00 price objective on Eastman Chemical and gave the stock a “hold” rating in a report on Monday, July 15th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $87.82.

Shares of Eastman Chemical stock traded up $0.93 during trading on Friday, reaching $78.68. The company’s stock had a trading volume of 596,340 shares, compared to its average volume of 916,664. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.79 and a current ratio of 1.51. The stock has a market capitalization of $10.77 billion, a P/E ratio of 9.60, a price-to-earnings-growth ratio of 1.05 and a beta of 1.36. Eastman Chemical has a 1-year low of $64.84 and a 1-year high of $103.92. The company has a 50-day moving average price of $74.60.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.91 by ($0.14). The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.61 billion. Eastman Chemical had a return on equity of 18.60% and a net margin of 10.07%. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. During the same period in the previous year, the business earned $2.23 EPS. As a group, equities analysts predict that Eastman Chemical will post 8.44 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Monday, June 17th were given a $0.62 dividend. The ex-dividend date of this dividend was Friday, June 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.15%. Eastman Chemical’s payout ratio is 30.24%.

Institutional investors have recently bought and sold shares of the company. Valley National Advisers Inc. acquired a new stake in Eastman Chemical during the 4th quarter worth about $230,000. MML Investors Services LLC lifted its position in Eastman Chemical by 5.7% during the 4th quarter. MML Investors Services LLC now owns 5,180 shares of the basic materials company’s stock worth $379,000 after acquiring an additional 280 shares during the period. Sowell Financial Services LLC lifted its position in 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 acquiring an additional 539 shares during the period. Captrust Financial Advisors lifted its position in 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 acquiring an additional 186 shares during the period. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in Eastman Chemical during the 4th quarter worth about $203,000. 82.28% of the stock is owned by hedge funds and other institutional investors.

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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