Short Interest in Eastman Chemical (NYSE:EMN) Declines By 18.3%

Eastman Chemical (NYSE:EMN) saw a significant decline in short interest in December. As of December 31st, there was short interest totalling 1,610,000 shares, a decline of 18.3% from the December 15th total of 1,970,000 shares. Based on an average trading volume of 1,040,000 shares, the short-interest ratio is currently 1.5 days. Approximately 1.2% of the company’s stock are sold short.

Eastman Chemical stock traded up $0.34 during midday trading on Tuesday, hitting $76.53. 1,148,789 shares of the stock were exchanged, compared to its average volume of 1,112,415. Eastman Chemical has a 52-week low of $61.22 and a 52-week high of $86.18. The stock has a market capitalization of $10.17 billion, a price-to-earnings ratio of 9.33, a price-to-earnings-growth ratio of 1.35 and a beta of 1.38. The business’s 50-day moving average price is $77.64 and its 200-day moving average price is $74.53. The company has a quick ratio of 0.84, a current ratio of 1.65 and a debt-to-equity ratio of 0.91.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 24th. The basic materials company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $1.98 by ($0.04). Eastman Chemical had a return on equity of 16.58% and a net margin of 8.12%. The firm had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the firm posted $2.34 earnings per share. The firm’s revenue for the quarter was down 8.7% compared to the same quarter last year. On average, sell-side analysts predict that Eastman Chemical will post 7.06 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Friday, January 3rd. Investors of record on Monday, December 16th were issued a dividend of $0.66 per share. The ex-dividend date of this dividend was Friday, December 13th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.62. This represents a $2.64 annualized dividend and a yield of 3.45%. Eastman Chemical’s payout ratio is 32.20%.

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Eastman Chemical by 0.3% during the second quarter. Vanguard Group Inc. now owns 14,829,482 shares of the basic materials company’s stock worth $1,154,178,000 after purchasing an additional 49,886 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Eastman Chemical by 25.7% in the second quarter. Victory Capital Management Inc. now owns 4,477,400 shares of the basic materials company’s stock valued at $348,476,000 after acquiring an additional 916,232 shares during the last quarter. Invesco Ltd. boosted its stake in Eastman Chemical by 166.8% in the second quarter. Invesco Ltd. now owns 3,284,054 shares of the basic materials company’s stock valued at $255,599,000 after acquiring an additional 2,053,378 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Eastman Chemical by 2.6% in the third quarter. Massachusetts Financial Services Co. MA now owns 1,906,602 shares of the basic materials company’s stock valued at $140,764,000 after acquiring an additional 48,727 shares during the last quarter. Finally, Diamond Hill Capital Management Inc. boosted its stake in Eastman Chemical by 0.7% in the third quarter. Diamond Hill Capital Management Inc. now owns 1,370,285 shares of the basic materials company’s stock valued at $101,168,000 after acquiring an additional 8,983 shares during the last quarter. Institutional investors and hedge funds own 79.80% of the company’s stock.

Several equities research analysts have recently commented on the stock. Royal Bank of Canada reissued a “hold” rating and set a $80.00 target price on shares of Eastman Chemical in a research report on Sunday, December 22nd. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating and set a $83.00 target price for the company in a research report on Thursday, January 2nd. Wells Fargo & Co assumed coverage on shares of Eastman Chemical in a research report on Tuesday, October 15th. They set an “outperform” rating and a $85.00 target price for the company. ValuEngine raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. Finally, Bank of America assumed coverage on shares of Eastman Chemical in a research report on Thursday, September 26th. They set a “buy” rating and a $84.00 target price for the company. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Eastman Chemical presently has a consensus rating of “Hold” and an average target price of $83.38.

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.

Recommended Story: What is the accumulation/distribution indicator?

Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.