Will Eastman Chemical Company Go Down Anytime Soon? Option Trader Believe So

 Will Eastman Chemical Company Go Down Anytime Soon? Option Trader Believe So

In today’s session Eastman Chemical Company (EMN) recorded an unusually high (782) contracts volume of put trades. Someone, most probably a professional was a very active buyer of the January, 2017 put, expecting serious EMN decrease. With 782 contracts traded and 21164 open interest for the Jan, 17 contract, it seems this is a quite bearish bet. The option with symbol: EMN170120P00072500 closed last at: $2.55 or 13.3% up. About 238,382 shares traded hands. Eastman Chemical Company (NYSE:EMN) has declined 3.95% since April 28, 2016 and is downtrending. It has underperformed by 9.88% the S&P500.

Analysts await Eastman Chemical Company (NYSE:EMN) to report earnings on January, 26. They expect $1.50 EPS, down 5.66% or $0.09 from last year’s $1.59 per share. EMN’s profit will be $224.38M for 12.60 P/E if the $1.50 EPS becomes a reality. After $1.86 actual EPS reported by Eastman Chemical Company for the previous quarter, Wall Street now forecasts -19.35% 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 $81.70 average target is 8.05% above today’s ($75.61) stock price. Eastman Chemical Company has been the topic of 24 analyst reports since July 30, 2015 according to StockzIntelligence Inc. Citigroup downgraded the shares of EMN in a report on Wednesday, September 7 to “Neutral” rating. As per Thursday, September 3, the company rating was maintained by Deutsche Bank. RBC Capital Markets initiated the shares of EMN in a report on Wednesday, October 14 with “Outperform” rating. The stock has “Overweight” rating given by JP Morgan on Monday, November 2. Deutsche Bank maintained Eastman Chemical Company (NYSE:EMN) on Thursday, August 20 with “Buy” rating. On Tuesday, August 23 the stock rating was maintained by Cowen & Co with “Outperform”. Susquehanna initiated Eastman Chemical Company (NYSE:EMN) on Friday, July 1 with “Positive” rating. Citigroup upgraded the stock to “Buy” rating in Tuesday, January 5 report. Deutsche Bank maintained Eastman Chemical Company (NYSE:EMN) rating on Monday, May 2. Deutsche Bank has “Buy” rating and $85 price target. The rating was maintained by RBC Capital Markets on Monday, November 2 with “Outperform”.

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 decreased to 1.07 in Q2 2016. Its down 0.17, from 1.24 in 2016Q1. The ratio turned negative, 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.
Royal London Asset Mgmt has 0.06% invested in the company for 50,458 shares. Moreover, New Century Management Inc has 0.58% invested in Eastman Chemical Company (NYSE:EMN) for 16,000 shares. The New York-based Blackrock has invested 0.04% in Eastman Chemical Company (NYSE:EMN). Andra Ap holds 59,200 shares or 0.1% of its portfolio. Cibc Mkts holds 31,565 shares or 0.01% of its portfolio. Gulf Fincl Bank (Uk) Limited accumulated 44,143 shares or 0.05% of the stock. Moreover, Dreman Value Management L L C has 0.2% invested in Eastman Chemical Company (NYSE:EMN) for 4,753 shares. Cwm holds 0.03% of its portfolio in Eastman Chemical Company (NYSE:EMN) for 6,500 shares. Capital Advsrs Lc has invested 0% of its portfolio in Eastman Chemical Company (NYSE:EMN). Omega has invested 1.53% of its portfolio in Eastman Chemical Company (NYSE:EMN). Moreover, Herndon Cap Mngmt Limited Liability Corporation has 0% invested in Eastman Chemical Company (NYSE:EMN) for 14 shares. The Ohio-based James Rech has invested 0.01% in Eastman Chemical Company (NYSE:EMN). Signaturefd Limited Com has 420 shares for 0% of their US portfolio. Boston Private Wealth Lc, a Massachusetts-based fund reported 7,308 shares. Quantres Asset Mngmt accumulated 0.21% or 5,000 shares.

Insider Transactions: Since November 16, 2016, the stock had 0 buys, and 1 sale for $297,200 net activity. 4,000 shares were sold by HORNBAKER RENEE J, worth $297,200 on Wednesday, November 16.

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 $11.31 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 13.05 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.

More news for Eastman Chemical Company (NYSE:EMN) were recently published by: Finance.Yahoo.com, which released: “Eastman Chemical Company Announces the Pricing Terms of Its Cash Tender Offer …” on November 16, 2016. Reuters.com‘s article titled: “BRIEF-Eastman Chemical Company announces the pricing terms of its cash ten…” and published on November 16, 2016 is yet another important article.

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