"There has also been a pickup in the number of dividend cuts," he said.

A result is that yields are now roughly equal to what they were before the latest round of dividend cuts.

In late April, the company said it expected to make another dividend cut, of 20 cents to 30 cents a year.

But its share price fell by 10 percent because of a planned dividend cut.

On Tuesday the company's share price fell 10 percent on anticipation of the dividend cut.

Analysts had expected the dividend cut and the loss, but were divided on the extent of the damage.

"We were pleased to see the dividend cut and the other actions," he said.

Increasingly, analysts say, the stock market's reaction to a dividend cut will be determined by the motivation and strategy behind the change.

"The dividend cut is a very small part of a very large effort we announced to do that," he continued.

Kodak's stock, which plunged after the dividend cut, has yet to recover.