Tocqueville Asset Management L.P. Sells 107,600 Shares of Eastman Chemical Co. (EMN)
Tocqueville Asset Management L.P. reduced its position in shares of Eastman Chemical Co. (NYSE:EMN) by 24.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 337,165 shares of the company’s stock after selling 107,600 shares during the period. Tocqueville Asset Management L.P. owned approximately 0.23% of Eastman Chemical worth $22,894,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Retirement Systems of Alabama increased its position in Eastman Chemical by 434.5% in the second quarter. Retirement Systems of Alabama now owns 405,273 shares of the company’s stock worth $27,518,000 after buying an additional 329,452 shares during the last quarter. State Street Corp boosted its stake in shares of Eastman Chemical by 5.3% in the first quarter. State Street Corp now owns 6,255,812 shares of the company’s stock worth $451,861,000 after buying an additional 312,926 shares during the period. Boston Advisors LLC boosted its stake in shares of Eastman Chemical by 1,926.9% in the second quarter. Boston Advisors LLC now owns 209,785 shares of the company’s stock worth $14,244,000 after buying an additional 199,435 shares during the period. Hancock Holding Co. boosted its stake in shares of Eastman Chemical by 369.6% in the first quarter. Hancock Holding Co. now owns 211,051 shares of the company’s stock worth $15,243,000 after buying an additional 166,109 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its stake in shares of Eastman Chemical by 725.0% in the second quarter. Old Mutual Global Investors UK Ltd. now owns 174,810 shares of the company’s stock worth $11,869,000 after buying an additional 153,621 shares during the period. Institutional investors and hedge funds own 84.06% of the company’s stock.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 0.212% on Monday, hitting $63.595. The company’s stock had a trading volume of 1,010,959 shares. The stock’s 50 day moving average price is $66.00 and its 200 day moving average price is $70.03. The stock has a market capitalization of $9.39 billion, a P/E ratio of 10.712 and a beta of 1.53. Eastman Chemical Co. has a 52 week low of $56.03 and a 52 week high of $78.79.
Eastman Chemical (NYSE:EMN) last announced its 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 firm had revenue of $2.30 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the firm earned $2.01 earnings per share. Eastman Chemical’s revenue for the quarter was down 9.3% compared to the same quarter last year. On average, analysts forecast that Eastman Chemical Co. will post $6.54 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were paid a dividend of $0.46 per share. This represents a $1.84 annualized dividend and a yield of 2.89%. The ex-dividend date of this dividend was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.98%.
EMN has been the subject of a number of recent research reports. Royal Bank Of Canada decreased their price objective on Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating for the company in a research report on Monday, June 27th. Susquehanna initiated coverage on Eastman Chemical in a research note on Friday, July 1st. They issued a “positive” rating and a $90.00 price objective for the company. Nomura dropped their price objective on Eastman Chemical from $83.00 to $81.00 and set a “buy” rating for the company in a research note on Monday, July 11th. Jefferies Group reaffirmed a “buy” rating and issued a $88.00 price objective on shares of Eastman Chemical in a research note on Friday, July 29th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating on shares of Eastman Chemical in a research note on Friday, July 29th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus 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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