Allspring Global Investments Holdings LLC Boosts Stake in Eastman Chemical Company $EMN

Allspring Global Investments Holdings LLC increased its stake in Eastman Chemical Company (NYSE:EMN) by 1,011.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 943,975 shares of the basic materials company’s stock after purchasing an additional 859,046 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Eastman Chemical were worth $58,489,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank bought a new position in shares of Eastman Chemical during the 2nd quarter valued at approximately $121,060,000. Qube Research & Technologies Ltd lifted its stake in shares of Eastman Chemical by 1,456.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company’s stock worth $52,881,000 after acquiring an additional 662,783 shares during the last quarter. Ilex Capital Partners UK LLP purchased a new stake in shares of Eastman Chemical during the second quarter valued at $42,547,000. Miller Howard Investments Inc. NY purchased a new stake in shares of Eastman Chemical in the second quarter valued at approximately $26,212,000. Finally, First Trust Advisors LP lifted its stake in Eastman Chemical by 96.7% in the second quarter. First Trust Advisors LP now owns 438,804 shares of the basic materials company’s stock worth $32,761,000 after acquiring an additional 215,679 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on EMN shares. Citigroup increased their price objective on Eastman Chemical from $70.00 to $72.00 and gave the company a “buy” rating in a report on Thursday, December 18th. Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a research report on Friday, December 19th. Evercore ISI dropped their price target on Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a research report on Tuesday, November 11th. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. Finally, Royal Bank Of Canada set a $71.00 price objective on Eastman Chemical in a research report on Tuesday, October 14th. Seven research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $78.77.

Eastman Chemical Stock Down 0.5%

EMN opened at $64.00 on Friday. The business has a 50 day simple moving average of $61.67 and a 200-day simple moving average of $66.53. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $103.82. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86. The stock has a market capitalization of $7.30 billion, a P/E ratio of 10.68, a P/E/G ratio of 6.90 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.04). Eastman Chemical had a net margin of 7.75% and a return on equity of 12.89%. The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same period in the previous year, the company posted $2.26 EPS. The business’s quarterly revenue was down 10.6% on a year-over-year basis. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. On average, equities analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Shareholders of record on Monday, December 15th will be given a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 5.3%. The ex-dividend date of this dividend is Monday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.83. Eastman Chemical’s dividend payout ratio is currently 56.09%.

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.