Kornitzer Capital Management Inc. KS Lowers Position in Eastman Chemical Co. (EMN)
Kornitzer Capital Management Inc. KS reduced its stake in shares of Eastman Chemical Co. (NYSE:EMN) by 7.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 156,045 shares of the company’s stock after selling 12,350 shares during the period. Kornitzer Capital Management Inc. KS owned 0.11% of Eastman Chemical worth $10,595,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the stock. Acrospire Investment Management LLC acquired a new position in Eastman Chemical during the first quarter valued at approximately $108,000. Financial Architects Inc increased its position in Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock valued at $123,000 after buying an additional 1,800 shares during the period. Meeder Asset Management Inc. acquired a new position in Eastman Chemical during the first quarter valued at approximately $189,000. Magnetar Financial LLC acquired a new position in Eastman Chemical during the first quarter valued at approximately $203,000. Finally, Park National Corp OH increased its position in Eastman Chemical by 6.5% in the second quarter. Park National Corp OH now owns 3,078 shares of the company’s stock valued at $209,000 after buying an additional 189 shares during the period. Hedge funds and other institutional investors own 84.06% of the company’s stock.
Shares of Eastman Chemical Co. (NYSE:EMN) traded up 0.89% during midday trading on Friday, hitting $63.73. 2,356,710 shares of the stock were exchanged. The firm has a 50-day moving average price of $66.00 and a 200-day moving average price of $70.03. The company has a market cap of $9.41 billion, a PE ratio of 10.73 and a beta of 1.53. Eastman Chemical Co. has a 12-month low of $56.03 and a 12-month high of $78.79.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 28th. The company reported $1.68 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. The business had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The business’s revenue was down 9.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.01 EPS. On average, equities analysts predict that Eastman Chemical Co. will post $6.54 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.84 annualized dividend and a dividend yield of 2.89%. Eastman Chemical’s payout ratio is 30.98%.
Several equities analysts have commented on EMN shares. Cowen and Company dropped their price target on shares of Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating for the company in a research note on Tuesday, August 23rd. Zacks Investment Research downgraded shares of Eastman Chemical from a “hold” rating to a “strong sell” rating in a research note on Wednesday, August 3rd. TheStreet downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday, July 29th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Eastman Chemical in a research note on Tuesday, August 16th. Finally, Royal Bank Of Canada lowered their target price on shares of Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating for the company in a research note on Monday, June 27th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $76.29.
About Eastman Chemical
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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