Allspring Global Investments Holdings LLC Buys 916,023 Shares of Eastman Chemical Company $EMN

Allspring Global Investments Holdings LLC lifted its stake in Eastman Chemical Company (NYSE:EMN) by 97.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,859,998 shares of the basic materials company’s stock after purchasing an additional 916,023 shares during the quarter. Allspring Global Investments Holdings LLC owned 1.63% of Eastman Chemical worth $119,672,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. State Street Corp lifted its stake in shares of Eastman Chemical by 24.3% in the third quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock worth $363,314,000 after buying an additional 1,112,391 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Eastman Chemical by 14.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company’s stock worth $255,515,000 after purchasing an additional 509,290 shares in the last quarter. Invesco Ltd. raised its stake in shares of Eastman Chemical by 6.8% in the second quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock worth $223,509,000 after purchasing an additional 191,461 shares during the last quarter. Bank of America Corp DE lifted its holdings in shares of Eastman Chemical by 6.1% during the second quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company’s stock valued at $184,909,000 after purchasing an additional 143,323 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Eastman Chemical during the second quarter valued at $121,060,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 5.1%

Eastman Chemical stock opened at $76.26 on Wednesday. Eastman Chemical Company has a one year low of $56.11 and a one year high of $88.73. The stock has a fifty day moving average of $73.30 and a 200 day moving average of $66.54. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The stock has a market cap of $8.70 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 1.61 and a beta of 1.20.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the business posted $1.87 earnings per share. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. As a group, sell-side analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 4.4%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s payout ratio is 82.15%.

Analysts Set New Price Targets

EMN has been the subject of several research analyst reports. Royal Bank Of Canada reiterated a “sector perform” rating and issued a $79.00 price objective on shares of Eastman Chemical in a report on Wednesday, February 4th. Evercore set a $75.00 target price on shares of Eastman Chemical in a research note on Wednesday, February 18th. Zacks Research raised shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Citigroup lifted their price target on shares of Eastman Chemical from $78.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Finally, KeyCorp reissued an “overweight” rating on shares of Eastman Chemical in a report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Eastman Chemical currently has an average rating of “Hold” and a consensus target price of $79.64.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.