Eastman Chemical (NYSE:EMN) Stake Cut by Machina Capital S.A.S.

Machina Capital S.A.S. cut its position in shares of Eastman Chemical (NYSE:EMN) by 36.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 18,209 shares of the basic materials company’s stock after selling 10,280 shares during the quarter. Machina Capital S.A.S.’s holdings in Eastman Chemical were worth $1,417,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Zions Bancorporation N.A. bought a new position in Eastman Chemical during the first quarter worth $27,000. SevenBridge Financial Group LLC lifted its stake in Eastman Chemical by 62.6% during the second quarter. SevenBridge Financial Group LLC now owns 709 shares of the basic materials company’s stock worth $55,000 after purchasing an additional 273 shares during the last quarter. Thor Advisors LLC bought a new position in Eastman Chemical during the first quarter worth $73,000. Rehmann Capital Advisory Group lifted its stake in Eastman Chemical by 205.1% during the first quarter. Rehmann Capital Advisory Group now owns 1,019 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 685 shares during the last quarter. Finally, Quadrant Capital Group LLC lifted its stake in Eastman Chemical by 22.5% during the first quarter. Quadrant Capital Group LLC now owns 1,132 shares of the basic materials company’s stock worth $78,000 after purchasing an additional 208 shares during the last quarter. Hedge funds and other institutional investors own 82.47% of the company’s stock.

Several equities analysts recently issued reports on EMN shares. UBS Group restated a “hold” rating and set a $7.80 price objective on shares of Deutsche Bank in a research note on Friday, April 26th. Citigroup set a $12.00 target price on Controladora Vuela Co Avcn SA CV and gave the stock a “buy” rating in a research report on Monday, July 15th. Zacks Investment Research lowered EXACT Sciences from a “hold” rating to a “sell” rating in a research report on Tuesday, July 2nd. KeyCorp set a $37.00 target price on SeaWorld Entertainment and gave the stock a “buy” rating in a research report on Friday, April 12th. Finally, ValuEngine raised Xylem from a “hold” rating to a “buy” rating in a research report on Friday, June 21st. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $86.50.

NYSE EMN traded down $0.51 during trading hours on Tuesday, hitting $76.53. The company had a trading volume of 16,517 shares, compared to its average volume of 853,763. Eastman Chemical has a fifty-two week low of $64.84 and a fifty-two week high of $103.92. The company has a current ratio of 1.51, a quick ratio of 0.79 and a debt-to-equity ratio of 0.95. The business has a fifty day moving average of $76.56. The company has a market cap of $10.76 billion, a price-to-earnings ratio of 9.33, a P/E/G ratio of 1.15 and a beta of 1.36.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by ($0.10). Eastman Chemical had a return on equity of 17.77% and a net margin of 9.45%. The company had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.55 billion. During the same period in the prior year, the business earned $2.22 earnings per share. Eastman Chemical’s quarterly revenue was down 9.8% on a year-over-year basis. On average, equities research analysts expect that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, July 5th. Stockholders of record on Monday, June 17th were issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date was Friday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is 30.24%.

Eastman Chemical Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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