Allspring Global Investments Holdings LLC Purchases 47,137 Shares of Eastman Chemical Company (NYSE:EMN)

Allspring Global Investments Holdings LLC grew its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 124.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 84,987 shares of the basic materials company's stock after purchasing an additional 47,137 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.07% of Eastman Chemical worth $7,486,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its stake in shares of Eastman Chemical by 13.4% in the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after acquiring an additional 697,388 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Eastman Chemical by 10.8% in the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock valued at $528,310,000 after acquiring an additional 565,821 shares in the last quarter. Invesco Ltd. increased its stake in shares of Eastman Chemical by 11.1% in the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after acquiring an additional 284,271 shares in the last quarter. Massachusetts Financial Services Co. MA increased its stake in shares of Eastman Chemical by 4.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock valued at $259,669,000 after acquiring an additional 109,316 shares in the last quarter. Finally, Geode Capital Management LLC increased its stake in shares of Eastman Chemical by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock valued at $257,986,000 after acquiring an additional 48,491 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of NYSE:EMN traded up $2.15 during midday trading on Tuesday, reaching $80.41. The company had a trading volume of 1,713,837 shares, compared to its average volume of 1,240,858. The company's 50 day moving average price is $78.72 and its 200 day moving average price is $86.20. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The stock has a market cap of $9.28 billion, a P/E ratio of 10.23, a P/E/G ratio of 1.87 and a beta of 1.22. Eastman Chemical Company has a 52-week low of $70.90 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm's quarterly revenue was down .9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.61 EPS. As a group, sell-side analysts anticipate 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 Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.13%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is currently 42.24%.

Analysts Set New Price Targets

EMN has been the subject of a number of recent research reports. Royal Bank Of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target for the company in a research note on Wednesday, April 9th. Wells Fargo & Company decreased their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Piper Sandler decreased their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. JPMorgan Chase & Co. restated a "neutral" rating and set a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Finally, The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $98.54.

Eastman Chemical Company Profile

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.