Alps Advisors Inc. Reduces Stake in Eastman Chemical Co. (EMN)
Alps Advisors Inc. reduced its position in Eastman Chemical Co. (NYSE:EMN) by 6.8% during the second quarter, Holdings Channel reports. The fund owned 5,702 shares of the company’s stock after selling 416 shares during the period. Alps Advisors Inc.’s holdings in Eastman Chemical were worth $387,000 as of its most recent filing with the SEC.
Other institutional investors have also recently made changes to their positions in the company. Acrospire Investment Management LLC bought a new stake in shares of Eastman Chemical during the first quarter worth $108,000. Financial Architects Inc increased its stake in shares of Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock worth $123,000 after buying an additional 1,800 shares during the last quarter. Meeder Asset Management Inc. acquired a new stake in shares of Eastman Chemical during the first quarter worth about $189,000. Magnetar Financial LLC acquired a new stake in shares of Eastman Chemical during the first quarter worth about $203,000. Finally, Park National Corp OH increased its stake in shares of Eastman Chemical by 6.5% in the second quarter. Park National Corp OH now owns 3,078 shares of the company’s stock worth $209,000 after buying an additional 189 shares during the last quarter. Institutional investors own 84.06% of the company’s stock.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 0.44% during mid-day trading on Monday, hitting $66.18. 1,355,952 shares of the stock traded hands. Eastman Chemical Co. has a 12 month low of $56.03 and a 12 month high of $78.79. The firm has a 50 day moving average of $66.35 and a 200 day moving average of $70.31. The company has a market cap of $9.78 billion, a P/E ratio of 11.15 and a beta of 1.53.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.73 by $0.05. Eastman Chemical had a return on equity of 24.40% and a net margin of 9.63%. The business had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the business earned $2.01 EPS. The company’s revenue for the quarter was down 9.3% on a year-over-year basis. Equities analysts anticipate that Eastman Chemical Co. will post $6.54 EPS for the current fiscal 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 was Tuesday, September 13th. This represents a $1.84 annualized dividend and a dividend yield of 2.78%. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
A number of brokerages have recently issued reports on EMN. Citigroup Inc. downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price objective for the company from $74.00 to $73.00 in a research report on Wednesday, September 7th. Nomura reissued a “buy” rating on shares of Eastman Chemical in a research report on Monday, July 11th. SunTrust Banks Inc. reissued a “neutral” rating and set a $66.00 price objective on shares of Eastman Chemical in a research report on Tuesday, August 2nd. Deutsche Bank AG cut their price objective on shares of Eastman Chemical from $85.00 to $75.00 and set a “buy” rating for the company in a research report on Monday, August 1st. Finally, Morgan Stanley reissued a “hold” rating on shares of Eastman Chemical in a research report on Thursday, June 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the stock. Eastman Chemical currently has a consensus rating of “Hold” and an average price target 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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