Allspring Global Investments Holdings LLC Acquires 1,462 Shares of Eastman Chemical (NYSE:EMN)

Allspring Global Investments Holdings LLC increased its holdings in shares of Eastman Chemical (NYSE:EMNFree Report) by 17.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 9,886 shares of the basic materials company’s stock after purchasing an additional 1,462 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Eastman Chemical were worth $991,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at about $26,000. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical in the first quarter worth approximately $34,000. Sound Income Strategies LLC grew its position in Eastman Chemical by 213.8% in the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 278 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in Eastman Chemical during the 4th quarter valued at $38,000. Finally, Advantage Trust Co bought a new position in shares of Eastman Chemical during the 4th quarter valued at $40,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on EMN. Royal Bank of Canada upped their price objective on Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 30th. Barclays boosted their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research report on Monday, May 6th. Bank of America decreased their price target on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Wells Fargo & Company boosted their price objective on shares of 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, KeyCorp raised their target price on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Seven research analysts have rated the stock with a hold rating and ten have issued 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 a consensus price target of $107.31.

View Our Latest Stock Report on Eastman Chemical

Eastman Chemical Trading Up 1.3 %

Shares of EMN opened at $95.75 on Tuesday. The firm has a market cap of $11.26 billion, a P/E ratio of 12.34, a price-to-earnings-growth ratio of 1.03 and a beta of 1.46. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $105.98. The company has a 50 day simple moving average of $99.17 and a two-hundred day simple moving average of $93.60.

Eastman Chemical (NYSE:EMNGet Free Report) last posted its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. Eastman Chemical’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the company posted $1.63 earnings per share. On average, equities analysts expect that Eastman Chemical will post 7.69 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s payout ratio is 41.75%.

Insider Activity

In related news, SVP Adrian James Holt sold 3,662 shares of the business’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, SVP Adrian James Holt sold 3,662 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,027 shares of company stock worth $10,885,638. 2.28% of the stock is currently owned by insiders.

Eastman Chemical Company Profile

(Free Report)

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.

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

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