Tocqueville Asset Management L.P. decreased its stake in shares of Eastman Chemical Co. (NYSE:EMN) by 24.2% during the second quarter, Holdings Channel reports. The firm owned 337,165 shares of the company’s stock after selling 107,600 shares during the period. Tocqueville Asset Management L.P.’s holdings in Eastman Chemical were worth $22,894,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently made changes to their positions in EMN. NN Investment Partners Holdings N.V. increased its position in Eastman Chemical by 0.9% in the second quarter. NN Investment Partners Holdings N.V. now owns 9,893 shares of the company’s stock worth $672,000 after buying an additional 85 shares during the period. Princeton Portfolio Strategies Group LLC increased its position in Eastman Chemical by 0.3% in the first quarter. Princeton Portfolio Strategies Group LLC now owns 30,231 shares of the company’s stock worth $2,184,000 after buying an additional 100 shares during the period. Sumitomo Mitsui Asset Management Company LTD increased its position in Eastman Chemical by 1.0% in the second quarter. Sumitomo Mitsui Asset Management Company LTD now owns 11,639 shares of the company’s stock worth $790,000 after buying an additional 120 shares during the period. Forward Management LLC increased its position in Eastman Chemical by 1.1% in the first quarter. Forward Management LLC now owns 11,811 shares of the company’s stock worth $853,000 after buying an additional 130 shares during the period. Finally, Capstone Asset Management Co. increased its position in Eastman Chemical by 1.8% in the second quarter. Capstone Asset Management Co. now owns 7,719 shares of the company’s stock worth $524,000 after buying an additional 140 shares during the period. 84.06% of the stock is currently owned by institutional investors.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 0.212% on Monday, hitting $63.595. 1,010,959 shares of the stock were exchanged. The firm has a market capitalization of $9.39 billion, a PE ratio of 10.712 and a beta of 1.53. Eastman Chemical Co. has a one year low of $56.03 and a one year high of $78.79. The company has a 50-day moving average price of $66.00 and a 200-day moving average price of $70.03.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by $0.05. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The business earned $2.30 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the previous year, the firm posted $2.01 earnings per share. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. Equities research analysts expect that Eastman Chemical Co. will post $6.54 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a $0.46 dividend. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.84 annualized dividend and a yield of 2.89%. Eastman Chemical’s payout ratio is currently 30.98%.
A number of research firms have recently weighed in on EMN. Citigroup Inc. downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $74.00 to $73.00 in a research note on Wednesday, September 7th. Nomura reaffirmed a “buy” rating on shares of Eastman Chemical in a research note on Monday, July 11th. SunTrust Banks Inc. reaffirmed a “neutral” rating and issued a $66.00 price target on shares of Eastman Chemical in a research note on Tuesday, August 2nd. Deutsche Bank AG dropped their price target on shares of Eastman Chemical from $85.00 to $75.00 and set a “buy” rating on the stock in a research note on Monday, August 1st. Finally, Susquehanna assumed coverage on shares of Eastman Chemical in a research note on Friday, July 1st. They issued a “positive” rating and a $90.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Eastman Chemical presently has a consensus rating of “Hold” and an average price target of $76.29.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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