Pictet Asset Management Ltd. Reduces Stock Position in Eastman Chemical (NYSE:EMN)

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Pictet Asset Management Ltd. cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 1.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 62,869 shares of the basic materials company’s stock after selling 1,061 shares during the quarter. Pictet Asset Management Ltd.’s holdings in Eastman Chemical were worth $4,893,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Cetera Advisor Networks LLC increased its holdings in shares of Eastman Chemical by 4.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 3,265 shares of the basic materials company’s stock valued at $248,000 after acquiring an additional 127 shares during the last quarter. Avestar Capital LLC increased its holdings in shares of Eastman Chemical by 7.4% in the 1st quarter. Avestar Capital LLC now owns 1,966 shares of the basic materials company’s stock valued at $132,000 after acquiring an additional 136 shares during the last quarter. Berman Capital Advisors LLC increased its holdings in shares of Eastman Chemical by 28.6% in the 2nd quarter. Berman Capital Advisors LLC now owns 639 shares of the basic materials company’s stock valued at $49,000 after acquiring an additional 142 shares during the last quarter. Signaturefd LLC increased its holdings in shares of Eastman Chemical by 6.6% in the 1st quarter. Signaturefd LLC now owns 2,383 shares of the basic materials company’s stock valued at $181,000 after acquiring an additional 147 shares during the last quarter. Finally, Mason Street Advisors LLC increased its holdings in shares of Eastman Chemical by 1.0% in the 1st quarter. Mason Street Advisors LLC now owns 19,941 shares of the basic materials company’s stock valued at $1,513,000 after acquiring an additional 197 shares during the last quarter. Institutional investors own 80.98% of the company’s stock.

NYSE:EMN traded down $2.44 during midday trading on Tuesday, reaching $71.85. 46,108 shares of the company traded hands, compared to its average volume of 1,040,786. Eastman Chemical has a twelve month low of $61.22 and a twelve month high of $100.51. The firm has a market capitalization of $10.34 billion, a price-to-earnings ratio of 8.76, a price-to-earnings-growth ratio of 1.13 and a beta of 1.37. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.58 and a quick ratio of 0.80. The company has a fifty day moving average price of $68.11 and a 200 day moving average price of $74.76.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.10). Eastman Chemical had a return on equity of 17.76% and a net margin of 9.45%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the firm posted $2.22 EPS. The company’s revenue was down 9.8% compared to the same quarter last year. On average, equities research analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 3.45%. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.

A number of brokerages have recently weighed in on EMN. Citigroup set a $78.00 price target on Eastman Chemical and gave the company a “hold” rating in a report on Monday, July 15th. ValuEngine upgraded Eastman Chemical from a “strong sell” rating to a “sell” rating in a research report on Friday, June 21st. Tudor Pickering upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Thursday, August 15th. Zacks Investment Research lowered Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 price objective for the company. in a research report on Tuesday, July 2nd. Finally, SunTrust Banks set a $80.00 price objective on Eastman Chemical and gave the company a “hold” rating in a research report on Monday, July 15th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $85.38.

Eastman Chemical Company 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.

Read More: What is the Difference Between Common Shares and Convertible Shares?

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

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