Allspring Global Investments Holdings LLC Has $757,000 Position in Eastman Chemical (NYSE:EMN)

Allspring Global Investments Holdings LLC lessened its position in Eastman Chemical (NYSE:EMN) by 79.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,424 shares of the basic materials company’s stock after selling 31,675 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Eastman Chemical were worth $757,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Tucker Asset Management LLC increased its holdings in Eastman Chemical by 19.5% in the 3rd quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock worth $67,000 after purchasing an additional 142 shares in the last quarter. Parkside Financial Bank & Trust grew its position in shares of Eastman Chemical by 26.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 814 shares of the basic materials company’s stock valued at $62,000 after buying an additional 169 shares during the last quarter. Steph & Co. grew its position in shares of Eastman Chemical by 12.8% in the 3rd quarter. Steph & Co. now owns 1,765 shares of the basic materials company’s stock valued at $135,000 after buying an additional 200 shares during the last quarter. Allworth Financial LP grew its position in shares of Eastman Chemical by 16.7% in the 4th quarter. Allworth Financial LP now owns 1,434 shares of the basic materials company’s stock valued at $129,000 after buying an additional 205 shares during the last quarter. Finally, Global Retirement Partners LLC grew its position in shares of Eastman Chemical by 3.1% in the 4th quarter. Global Retirement Partners LLC now owns 7,530 shares of the basic materials company’s stock valued at $650,000 after buying an additional 225 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on EMN shares. Redburn Atlantic started coverage on Eastman Chemical in a research report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price target on the stock. Stifel Nicolaus reduced their price target on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. UBS Group upped their price target on Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a research report on Friday, February 2nd. Wells Fargo & Company upped their price target on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Finally, Royal Bank of Canada upped their target price on Eastman Chemical from $89.00 to $100.00 and gave the company a “sector perform” rating in a research report on Friday, April 19th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $97.81.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 2.27% of the company’s stock.

Eastman Chemical Stock Down 0.5 %

Shares of NYSE:EMN opened at $96.36 on Thursday. The business’s 50 day simple moving average is $93.27 and its two-hundred day simple moving average is $86.09. The firm has a market cap of $11.33 billion, a P/E ratio of 12.87, a PEG ratio of 1.07 and a beta of 1.54. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.03. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.21 billion. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The company’s quarterly revenue was down 7.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.89 earnings per share. As a group, research analysts forecast that Eastman Chemical will post 7.71 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a $0.81 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.24 annualized dividend and a yield of 3.36%. Eastman Chemical’s payout ratio is currently 43.26%.

Eastman Chemical Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.