Zurich Insurance Group Ltd FI increased its holdings in shares of Eastman Chemical (NYSE:EMN) by 6.1% in the 2nd quarter, Holdings Channel reports. The firm owned 66,658 shares of the basic materials company’s stock after acquiring an additional 3,854 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Eastman Chemical were worth $6,663,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. PNC Financial Services Group Inc. increased its position in Eastman Chemical by 10.6% during the second quarter. PNC Financial Services Group Inc. now owns 902,335 shares of the basic materials company’s stock worth $90,200,000 after buying an additional 86,706 shares during the period. Cumberland Partners Ltd purchased a new stake in shares of Eastman Chemical in the second quarter valued at approximately $700,000. LSV Asset Management boosted its position in Eastman Chemical by 6.6% during the second quarter. LSV Asset Management now owns 5,033,170 shares of the basic materials company’s stock worth $503,115,000 after purchasing an additional 309,716 shares in the last quarter. Alpha Windward LLC purchased a new stake in Eastman Chemical during the second quarter worth $498,000. Finally, Motley Fool Wealth Management LLC boosted its position in Eastman Chemical by 3.1% during the second quarter. Motley Fool Wealth Management LLC now owns 98,007 shares of the basic materials company’s stock worth $9,797,000 after purchasing an additional 2,905 shares in the last quarter. Hedge funds and other institutional investors own 83.05% of the company’s stock.

Several analysts have recently issued reports on the company. ValuEngine downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Morgan Stanley upped their price target on Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 31st. Finally, Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $105.31.

Eastman Chemical stock opened at $97.48 on Friday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.95 and a current ratio of 1.69. The stock has a market capitalization of $13.56 billion, a PE ratio of 12.81, a price-to-earnings-growth ratio of 1.24 and a beta of 1.07. Eastman Chemical has a 52 week low of $84.42 and a 52 week high of $112.45.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 26th. The basic materials company reported $2.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.20 by $0.02. The firm had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.59 billion. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same period in the previous year, the company posted $1.98 earnings per share. analysts anticipate that Eastman Chemical will post 8.57 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 14th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a dividend yield of 2.30%. The ex-dividend date of this dividend is Thursday, September 13th. Eastman Chemical’s payout ratio is currently 29.43%.

In other Eastman Chemical news, insider Lucian Boldea sold 3,523 shares of the company’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total transaction of $364,912.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Scott V. King sold 16,192 shares of the company’s stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the sale, the chief accounting officer now owns 5,898 shares of the company’s stock, valued at approximately $597,762.30. The disclosure for this sale can be found here. Insiders sold a total of 39,715 shares of company stock valued at $4,005,972 in the last 90 days. 1.14% of the stock is currently owned by corporate insiders.

Eastman Chemical Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic 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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