What Next for Eastman Chemical Company Stock After Today’s Bullish Options Activity?

 What Next for Eastman Chemical Company Stock After Today's Bullish Options Activity?

In today’s session Eastman Chemical Company (EMN) registered an unusually high (509) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the October, 2016 call, expecting serious EMN increase. With 509 contracts traded and 8634 open interest for the Oct, 16 contract, it seems this is a quite bullish bet. The option with symbol: EMN161021C00065000 closed last at: $0.75 or 42.3% down. About 489,620 shares traded hands. Eastman Chemical Company (NYSE:EMN) has declined 11.54% since March 11, 2016 and is downtrending. It has underperformed by 17.00% the S&P500.

Analysts await Eastman Chemical Company (NYSE:EMN) to report earnings on November, 3. They expect $1.65 earnings per share, down 10.33% or $0.19 from last year’s $1.84 per share. EMN’s profit will be $239.21 million for 9.71 P/E if the $1.65 EPS becomes a reality. After $1.68 actual earnings per share reported by Eastman Chemical Company for the previous quarter, Wall Street now forecasts -1.79% negative EPS growth.

Eastman Chemical Company (NYSE:EMN) Ratings Coverage

Out of 12 analysts covering Eastman Chemical Company (NYSE:EMN), 8 rate it a “Buy”, 2 “Sell”, while 2 “Hold”. This means 67% are positive. $90 is the highest target while $73 is the lowest. The $82.80 average target is 29.21% above today’s ($64.08) stock price. Eastman Chemical Company has been the topic of 23 analyst reports since July 30, 2015 according to StockzIntelligence Inc. The stock of Eastman Chemical Company (NYSE:EMN) earned “Outperform” rating by Cowen & Co on Tuesday, August 23. The firm earned “Underperform” rating on Monday, May 2 by Credit Agricole. The stock of Eastman Chemical Company (NYSE:EMN) earned “Underperform” rating by CLSA on Monday, May 2. Jefferies maintained it with “Buy” rating and $88 target price in Monday, May 2 report. The rating was maintained by RBC Capital Markets on Monday, November 2 with “Outperform”. The rating was maintained by Citigroup on Monday, April 18 with “Buy”. Deutsche Bank maintained the stock with “Buy” rating in Monday, May 2 report. JP Morgan maintained Eastman Chemical Company (NYSE:EMN) on Monday, November 2 with “Overweight” rating. The company was upgraded on Tuesday, January 5 by Citigroup. Nomura maintained Eastman Chemical Company (NYSE:EMN) on Monday, July 11 with “Buy” rating.

According to Zacks Investment Research, “Eastman Chemical Company is a global chemical company with a broad portfolio of chemical, plastic, and fiber products. The company manufactures and sells chemicals and specialty polymers supplied to the inks, coatings, adhesives, sealants, and textile industries; fine chemicals; performance chemicals and intermediates; specialty plastics; polyester plastics such as polyethylene terephthalate sold under the trademark EASTAPAK polymers; and fibers.”

Insitutional Activity: The institutional sentiment increased to 1.24 in Q2 2016. Its up 0.25, from 0.99 in 2016Q1. The ratio improved, as 42 funds sold all Eastman Chemical Company shares owned while 163 reduced positions. 52 funds bought stakes while 203 increased positions. They now own 123.13 million shares or 2.38% less from 126.13 million shares in 2016Q1.
Blackrock Fund Advsr owns 2.43 million shares or 0.04% of their US portfolio. Dreman Value Management L L C holds 4,753 shares or 0.2% of its portfolio. Marshall Wace Limited Liability Partnership last reported 36,605 shares in the company. Nomura Asset Management Com Limited accumulated 0.02% or 18,070 shares. Arizona State Retirement Systems accumulated 36,456 shares or 0.03% of the stock. Brinker reported 7,858 shares or 0.05% of all its holdings. Synovus Fincl accumulated 0.01% or 4,783 shares. Fjarde Ap reported 33,450 shares or 0.05% of all its holdings. Wfg L P holds 0% or 14 shares in its portfolio. Smith Asset Mgmt Grp Incorporated Limited Partnership has 880 shares for 0% of their US portfolio. Wells Fargo & Co Mn accumulated 0.02% or 702,684 shares. Capstone Asset Management last reported 7,719 shares in the company. First Midwest National Bank Division owns 14,848 shares or 0.12% of their US portfolio. Moreover, Vestor Capital Ltd has 1.05% invested in Eastman Chemical Company (NYSE:EMN) for 54,739 shares. Jane Street Grp Ltd Liability Company accumulated 47,303 shares or 0.02% of the stock.

Insider Transactions: Since May 4, 2016, the stock had 0 insider buys, and 2 sales for $3.79 million net activity. King Scott V. had sold 12,000 shares worth $905,720 on Wednesday, May 4. $2.89M worth of shares were sold by Costa Mark J on Monday, May 9.

Eastman Chemical Company is a specialty chemicals firm that produces a range of advanced materials, chemicals and fibers. The company has a market cap of $9.29 billion. The Firm operates through five divisions: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI). It has a 10.79 P/E ratio. In the AFP segment, the Company makes chemicals for products in the coatings, tires, consumables, animal nutrition, crop protection and energy markets.

EMN Company Profile

Eastman Chemical Company (Eastman), incorporated on July 29, 1993, is a specialty chemicals firm that produces a range of materials, chemicals and fibers. The Firm operates through five divisions: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI). The Firm has over 50 manufacturing sites and equity interests in approximately four manufacturing joint ventures in approximately 15 countries.

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