Zurcher Kantonalbank Zurich Cantonalbank Increases Holdings in Eastman Chemical (NYSE:EMN)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Eastman Chemical (NYSE:EMN) by 3.2% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 62,587 shares of the basic materials company’s stock after purchasing an additional 1,940 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned 0.05% of Eastman Chemical worth $7,007,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the stock. CreativeOne Wealth LLC purchased a new stake in shares of Eastman Chemical in the third quarter worth about $219,000. Glenmede Trust Co. NA increased its holdings in Eastman Chemical by 5.2% during the 3rd quarter. Glenmede Trust Co. NA now owns 21,193 shares of the basic materials company’s stock worth $2,373,000 after acquiring an additional 1,042 shares during the period. Bridgewater Associates LP lifted its stake in Eastman Chemical by 31.5% in the 3rd quarter. Bridgewater Associates LP now owns 118,245 shares of the basic materials company’s stock worth $13,238,000 after purchasing an additional 28,328 shares in the last quarter. Townsquare Capital LLC bought a new position in Eastman Chemical in the 3rd quarter valued at $236,000. Finally, BNP Paribas Financial Markets boosted its holdings in Eastman Chemical by 107.0% in the 3rd quarter. BNP Paribas Financial Markets now owns 161,467 shares of the basic materials company’s stock valued at $18,076,000 after purchasing an additional 83,474 shares during the period. Institutional investors own 83.65% of the company’s stock.

Insider Activity

In related news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the sale, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,021 shares of company stock valued at $1,895,948. Insiders own 1.93% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on EMN shares. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft cut their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. Mizuho raised their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, November 25th. Eight investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $112.86.

Eastman Chemical Stock Up 0.5 %

Shares of NYSE:EMN opened at $104.72 on Monday. Eastman Chemical has a 12-month low of $80.71 and a 12-month high of $114.50. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The stock’s 50-day moving average price is $106.26 and its 200-day moving average price is $101.72. The stock has a market capitalization of $12.14 billion, a P/E ratio of 14.02, a price-to-earnings-growth ratio of 0.84 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The business had revenue of $2.46 billion for 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%. The business’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the previous year, the firm earned $1.47 EPS. On average, equities analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current year.

Eastman Chemical Company 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.