Allspring Global Investments Holdings LLC Sells 31,675 Shares of Eastman Chemical (NYSE:EMN)

Allspring Global Investments Holdings LLC decreased its position in Eastman Chemical (NYSE:EMN) by 79.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund 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.

Several other hedge funds have also added to or reduced their stakes in EMN. Invesco Ltd. boosted its holdings in Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after acquiring an additional 760,974 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its holdings in Eastman Chemical by 1,031.0% in the third quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after acquiring an additional 304,155 shares during the last quarter. Earnest Partners LLC boosted its holdings in Eastman Chemical by 19.9% during the third quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock worth $138,686,000 after buying an additional 299,951 shares during the last quarter. Ceredex Value Advisors LLC boosted its holdings in Eastman Chemical by 54.4% during the third quarter. Ceredex Value Advisors LLC now owns 594,789 shares of the basic materials company’s stock worth $46,099,000 after buying an additional 209,644 shares during the last quarter. Finally, Sei Investments Co. boosted its holdings in Eastman Chemical by 40.8% during the third quarter. Sei Investments Co. now owns 575,256 shares of the basic materials company’s stock worth $44,133,000 after buying an additional 166,629 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. Redburn Atlantic assumed coverage on Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 target price on the stock. Wells Fargo & Company raised their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Stifel Nicolaus reduced their target price on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a report on Monday, February 5th. UBS Group raised their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd. Finally, KeyCorp raised their price target on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.81.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.27% of the stock is owned by insiders.

Eastman Chemical Stock Down 0.5 %

Shares of Eastman Chemical stock opened at $96.36 on Thursday. The business’s 50 day simple moving average is $93.27 and its 200 day simple moving average is $86.09. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The firm has a market cap of $11.33 billion, a PE ratio of 12.87, a P/E/G 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 (NYSE:EMN) last announced its earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.21 billion. During the same quarter last year, the firm earned $0.89 EPS. Eastman Chemical’s revenue for the quarter was down 7.0% compared to the same quarter last year. On average, analysts predict that Eastman Chemical will post 7.71 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

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

About Eastman Chemical

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.