Zurcher Kantonalbank Zurich Cantonalbank Has $5.94 Million Position in Eastman Chemical (NYSE:EMN)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Eastman Chemical (NYSE:EMN) by 4.1% in the second quarter, HoldingsChannel.com reports. The firm owned 60,647 shares of the basic materials company’s stock after purchasing an additional 2,378 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Eastman Chemical were worth $5,942,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Bessemer Group Inc. increased its holdings in shares of Eastman Chemical by 321.2% in the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after purchasing an additional 12,392 shares in the last quarter. CHURCHILL MANAGEMENT Corp bought a new stake in shares of Eastman Chemical during the 1st quarter valued at $1,681,000. Massachusetts Financial Services Co. MA raised its position in shares of Eastman Chemical by 7.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after acquiring an additional 168,009 shares during the last quarter. Empowered Funds LLC bought a new stake in shares of Eastman Chemical during the 1st quarter valued at $594,000. Finally, Dakota Wealth Management raised its position in shares of Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after acquiring an additional 2,655 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Up 0.2 %

NYSE EMN traded up $0.18 on Friday, reaching $101.18. The company had a trading volume of 193,916 shares, compared to its average volume of 952,607. The firm has a market capitalization of $11.90 billion, a price-to-earnings ratio of 13.01, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $105.98. The company’s fifty day moving average is $97.88 and its 200-day moving average is $96.56.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the business earned $1.99 EPS. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. On average, research analysts forecast that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.81 per share. The ex-dividend date is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.20%. Eastman Chemical’s dividend payout ratio is 41.75%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler reiterated a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Mizuho upped their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Barclays upped their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.07.

Eastman Chemical Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.