Eastman Chemical (NYSE:EMN) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Posted by Defense World Staff on Aug 14th, 2023

Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Eastman Chemical (NYSE:EMN – Free Report) by 8.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 33,493 shares of the basic materials company’s stock after purchasing an additional 2,701 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Eastman Chemical were worth $2,825,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Massmutual Trust Co. FSB ADV grew its holdings in shares of Eastman Chemical by 71.5% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 391 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 163 shares during the period. Money Concepts Capital Corp grew its holdings in shares of 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 purchasing an additional 348 shares during the period. Point72 Asset Management L.P. purchased a new position in Eastman Chemical in the 4th quarter worth approximately $37,000. Harbour Investments Inc. boosted its holdings in Eastman Chemical by 164.6% in the 4th quarter. Harbour Investments Inc. now owns 463 shares of the basic materials company’s stock worth $38,000 after acquiring an additional 288 shares during the period. Finally, Tanglewood Legacy Advisors LLC purchased a new position in Eastman Chemical in the 4th quarter worth approximately $41,000. Hedge funds and other institutional investors own 82.13% of the company’s stock.

Eastman Chemical Stock Performance

EMN stock opened at $84.38 on Monday. The company has a current ratio of 1.32, a quick ratio of 0.61 and a debt-to-equity ratio of 0.86. The firm has a market cap of $10.00 billion, a P/E ratio of 14.40, a P/E/G ratio of 1.55 and a beta of 1.50. Eastman Chemical has a 12-month low of $69.91 and a 12-month high of $102.18. The stock’s 50 day simple moving average is $84.13 and its 200 day simple moving average is $83.47.

Eastman Chemical (NYSE:EMN – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.95 by $0.04. Eastman Chemical had a return on equity of 14.82% and a net margin of 7.21%. The business had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.59 billion. During the same period in the prior year, the company posted $2.83 EPS. The business’s revenue was down 16.5% compared to the same quarter last year. As a group, equities research analysts predict that Eastman Chemical will post 6.71 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 15th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.74%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is presently 53.93%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. KeyCorp decreased their price target on Eastman Chemical from $106.00 to $103.00 in a report on Tuesday, July 11th. Barclays upped their price target on Eastman Chemical from $87.00 to $90.00 in a report on Monday, May 1st. Citigroup upped their price target on Eastman Chemical from $96.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Mizuho decreased their price target on Eastman Chemical from $84.00 to $78.00 and set a “neutral” rating for the company in a report on Thursday, August 3rd. Finally, Bank of America cut their target price on Eastman Chemical from $109.00 to $102.00 in a research report on Thursday, June 22nd. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $94.87.

View Our Latest Report on EMN

Eastman Chemical Profile

(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.