Zurich Insurance Group Ltd FI Invests $1.20 Million in Eastman Chemical (NYSE:EMN)

Zurich Insurance Group Ltd FI purchased a new stake in Eastman Chemical (NYSE:EMN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 13,100 shares of the basic materials company's stock, valued at approximately $1,196,000.

A number of other institutional investors have also recently made changes to their positions in EMN. James J. Burns & Company LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter valued at $741,000. Goelzer Investment Management Inc. bought a new stake in Eastman Chemical in the fourth quarter worth about $3,319,000. Dakota Wealth Management grew its stake in shares of Eastman Chemical by 14.6% during the fourth quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company's stock valued at $4,081,000 after buying an additional 5,700 shares during the last quarter. Olstein Capital Management L.P. raised its holdings in shares of Eastman Chemical by 16.1% in the fourth quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock worth $6,098,000 after buying an additional 9,279 shares during the period. Finally, Barclays PLC lifted its stake in shares of Eastman Chemical by 3.5% during the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock worth $35,268,000 after acquiring an additional 10,695 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Down 0.9%

NYSE EMN traded down $0.77 during trading on Monday, hitting $80.59. The company's stock had a trading volume of 1,056,459 shares, compared to its average volume of 1,089,457. Eastman Chemical has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The company has a market cap of $9.30 billion, a PE ratio of 10.49, a P/E/G ratio of 1.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The business's 50 day simple moving average is $80.66 and its 200-day simple moving average is $91.11.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same period last year, the business earned $1.61 EPS. Eastman Chemical's revenue for the quarter was down .9% on a year-over-year basis. On average, equities analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.12%. The ex-dividend date is Friday, June 13th. Eastman Chemical's payout ratio is 42.24%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EMN. Piper Sandler lowered their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. UBS Group dropped their price objective on Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Wells Fargo & Company decreased their target price on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Finally, KeyCorp dropped their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $99.15.

About Eastman Chemical

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.