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 97.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm 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’s holdings in Eastman Chemical were worth $119,672,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Advisors Management Group Inc. ADV grew its holdings in Eastman Chemical by 1.5% during the third quarter. Advisors Management Group Inc. ADV now owns 12,327 shares of the basic materials company’s stock valued at $777,000 after purchasing an additional 181 shares during the period. NewEdge Advisors LLC raised its stake in shares of Eastman Chemical by 2.6% in the first quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock worth $644,000 after buying an additional 183 shares during the period. Provident Investment Management Inc. lifted its position in shares of Eastman Chemical by 2.2% during the 3rd quarter. Provident Investment Management Inc. now owns 9,210 shares of the basic materials company’s stock valued at $581,000 after buying an additional 200 shares in the last quarter. Concorde Financial Corp grew its stake in shares of Eastman Chemical by 0.9% during the 2nd quarter. Concorde Financial Corp now owns 22,561 shares of the basic materials company’s stock valued at $1,684,000 after acquiring an additional 211 shares during the period. Finally, Aldebaran Financial Inc. raised its holdings in Eastman Chemical by 3.0% during the second quarter. Aldebaran Financial Inc. now owns 7,887 shares of the basic materials company’s stock valued at $589,000 after acquiring an additional 226 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $76.26 on Wednesday. Eastman Chemical Company has a 52-week low of $56.11 and a 52-week high of $88.73. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. The firm’s fifty day moving average is $73.30 and its 200 day moving average is $66.54. The company has a market cap of $8.70 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 1.61 and a beta of 1.20.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business 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 earned $1.87 earnings per share. The business’s quarterly revenue was down 12.1% on a year-over-year basis. Sell-side analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

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

Analyst Ratings Changes

Several equities analysts have recently commented on EMN shares. Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 price objective on shares of Eastman Chemical in a research report on Friday, December 19th. Deutsche Bank Aktiengesellschaft lifted their target price on Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research note on Monday, February 2nd. KeyCorp restated an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Evercore set a $75.00 price objective on shares of Eastman Chemical in a report on Wednesday, February 18th. Finally, Royal Bank Of Canada restated a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Seven research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical has a consensus 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.