Zurcher Kantonalbank Zurich Cantonalbank Trims Stake in Eastman Chemical (NYSE:EMN)

Zurcher Kantonalbank Zurich Cantonalbank reduced its position in Eastman Chemical (NYSE:EMN) by 1.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 114,903 shares of the basic materials company’s stock after selling 1,428 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.08% of Eastman Chemical worth $8,483,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the stock. Berman Capital Advisors LLC increased its position in shares of Eastman Chemical by 28.6% during the second quarter. Berman Capital Advisors LLC now owns 639 shares of the basic materials company’s stock worth $49,000 after acquiring an additional 142 shares during the period. Lido Advisors LLC boosted its stake in shares of Eastman Chemical by 2.0% during the second quarter. Lido Advisors LLC now owns 9,221 shares of the basic materials company’s stock valued at $723,000 after purchasing an additional 179 shares in the last quarter. DNB Asset Management AS boosted its stake in shares of Eastman Chemical by 0.8% during the second quarter. DNB Asset Management AS now owns 23,944 shares of the basic materials company’s stock valued at $1,864,000 after purchasing an additional 201 shares in the last quarter. Breiter Capital Management Inc. boosted its stake in shares of Eastman Chemical by 10.6% during the second quarter. Breiter Capital Management Inc. now owns 2,383 shares of the basic materials company’s stock valued at $238,000 after purchasing an additional 228 shares in the last quarter. Finally, Whittier Trust Co. boosted its stake in shares of Eastman Chemical by 15.7% during the second quarter. Whittier Trust Co. now owns 1,891 shares of the basic materials company’s stock valued at $147,000 after purchasing an additional 257 shares in the last quarter. 81.12% of the stock is currently owned by institutional investors.

EMN traded up $0.20 during trading on Tuesday, hitting $73.82. The stock had a trading volume of 21,538 shares, compared to its average volume of 876,482. The company has a market capitalization of $9.94 billion, a PE ratio of 9.02, a PEG ratio of 1.10 and a beta of 1.39. Eastman Chemical has a twelve month low of $61.22 and a twelve month high of $86.18. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.80 and a current ratio of 1.58. The stock has a 50 day simple moving average of $71.55 and a two-hundred day simple moving average of $73.55.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by ($0.10). The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.55 billion. Eastman Chemical had a net margin of 9.45% and a return on equity of 17.76%. Eastman Chemical’s revenue was down 9.8% on a year-over-year basis. During the same quarter last year, the business earned $2.22 earnings per share. On average, equities research analysts anticipate that Eastman Chemical will post 7.62 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 16th were paid a dividend of $0.62 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $2.48 annualized dividend and a dividend yield of 3.36%. Eastman Chemical’s payout ratio is currently 30.24%.

A number of research firms have recently issued reports on EMN. Citigroup set a $78.00 price objective on shares of Eastman Chemical and gave the company a “hold” rating in a research note on Monday, July 15th. UBS Group dropped their price objective on shares of Eastman Chemical from $96.00 to $95.00 and set a “buy” rating on the stock in a research note on Wednesday, October 2nd. Tudor Pickering upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research note on Thursday, August 15th. SunTrust Banks dropped their price objective on shares of Eastman Chemical from $80.00 to $75.00 and set a “hold” rating on the stock in a research note on Friday, October 11th. Finally, Bank of America began coverage on shares of Eastman Chemical in a research note on Thursday, September 26th. They set a “buy” rating and a $84.00 price objective on the stock. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $84.33.

About Eastman Chemical

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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