Zurcher Kantonalbank Zurich Cantonalbank Purchases 1,940 Shares of Eastman Chemical (NYSE:EMN)

Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Eastman Chemical (NYSE:EMN) by 3.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 62,587 shares of the basic materials company’s stock after buying an additional 1,940 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Eastman Chemical were worth $7,007,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EMN. Massachusetts Financial Services Co. MA boosted its stake in Eastman Chemical by 3.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after acquiring an additional 83,504 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of Eastman Chemical by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after purchasing an additional 198,645 shares during the last quarter. Earnest Partners LLC boosted its position in shares of Eastman Chemical by 1.8% in the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock worth $219,454,000 after purchasing an additional 40,070 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Eastman Chemical by 0.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after buying an additional 7,847 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in shares of Eastman Chemical by 15.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after buying an additional 126,301 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on EMN shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Finally, Mizuho raised their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $112.86.

Eastman Chemical Price Performance

Shares of EMN opened at $104.72 on Monday. The firm has a fifty day simple moving average of $106.26 and a two-hundred day simple moving average of $101.72. The firm has a market cap of $12.14 billion, a PE ratio of 14.02, a P/E/G ratio of 0.84 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. The company had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. Eastman Chemical’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.47 earnings per share. On average, equities analysts anticipate that Eastman Chemical will post 7.63 EPS for the current year.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock worth $1,895,948 in the last quarter. Company insiders own 1.93% of the company’s stock.

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.