Short Interest in Eastman Chemical (NYSE:EMN) Grows By 20.0%
Eastman Chemical (NYSE:EMN – Get Free Report) saw a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,260,000 shares, an increase of 20.0% from the October 31st total of 1,050,000 shares. Currently, 1.1% of the company’s shares are short sold. Based on an average daily volume of 878,300 shares, the days-to-cover ratio is presently 1.4 days.
Analysts Set New Price Targets
A number of research analysts have weighed in on EMN shares. KeyCorp reduced their price target on shares of Eastman Chemical from $98.00 to $95.00 and set an “overweight” rating on the stock in a research report on Monday, October 30th. UBS Group downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price target for the company from $91.00 to $81.00 in a report on Thursday, November 2nd. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, November 22nd. Piper Sandler lowered their target price on Eastman Chemical from $96.00 to $80.00 and set a “neutral” rating for the company in a research note on Wednesday, October 11th. Finally, Wells Fargo & Company reduced their price target on Eastman Chemical from $89.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Friday, September 29th. Eleven research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and an average target price of $90.00.
Read Our Latest Report on Eastman Chemical
Eastman Chemical Stock Up 1.9 %
NYSE EMN traded up $1.63 on Friday, hitting $85.46. 860,577 shares of the stock traded hands, compared to its average volume of 823,543. The company has a current ratio of 1.36, a quick ratio of 0.71 and a debt-to-equity ratio of 0.84. The stock has a 50-day moving average of $76.39 and a 200 day moving average of $80.59. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $92.21. The company has a market capitalization of $10.13 billion, a P/E ratio of 17.48, a price-to-earnings-growth ratio of 1.79 and a beta of 1.48.
Eastman Chemical (NYSE:EMN – Get Free Report) last posted its quarterly earnings results on Friday, October 27th. The basic materials company reported $1.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.02. The business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.34 billion. Eastman Chemical had a return on equity of 13.44% and a net margin of 6.24%. The business’s revenue was down 16.3% compared to the same quarter last year. During the same period in the prior year, the company posted $2.05 EPS. As a group, analysts expect that Eastman Chemical will post 6.37 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Large investors have recently modified their holdings of the business. First Command Advisory Services Inc. acquired a new stake in Eastman Chemical during the third quarter worth about $26,000. Retirement Group LLC bought a new stake in shares of Eastman Chemical in the 1st quarter worth approximately $27,000. Pacifica Partners Inc. acquired a new position in Eastman Chemical during the 3rd quarter valued at approximately $28,000. Cornerstone Planning Group LLC acquired a new position in Eastman Chemical during the 2nd quarter valued at approximately $33,000. Finally, Money Concepts Capital Corp grew its stake in Eastman Chemical by 435.0% during the 4th quarter. Money Concepts Capital Corp now owns 428 shares of the basic materials company’s stock worth $35,000 after buying an additional 348 shares during the last quarter. 82.29% of the stock is currently owned by institutional investors.
Eastman Chemical Company Profile (Get Free Report)
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company’s Additives & Functional Products segment offers hydrocarbon 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.
Further Reading
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Original: MarketBeat News Feed: Short Interest in Eastman Chemical (NYSE:EMN) Grows By 20.0%