Allspring Global Investments Holdings LLC Sells 481,428 Shares of Eastman Chemical Company $EMN

Key Points

• Allspring Global Investments cut its Eastman Chemical stake by 22.1%, selling 481,428 shares in the third quarter. It retained 1.70 million shares, worth about $108.8 million at quarter-end.
• Eastman reported quarterly EPS of $1.84 and revenue of $2.38 billion, both below analyst estimates, though revenue rose 8.3% year over year.
• Analyst sentiment was mostly neutral: the consensus rating was Hold, with an average price target of $74.79. Institutional investors owned 83.65% of the company’s stock.

Allspring Global Investments Holdings LLC lessened its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 22.1% in the 3rd quarter, according to its most recent filing with the SEC. The firm owned 1,699,368 shares of the basic materials company's stock after selling 481,428 shares during the period. Allspring Global Investments Holdings LLC owned about 1.49% of Eastman Chemical worth $108,845,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. M Holdings Securities Inc. purchased a new position in shares of Eastman Chemical in the 3rd quarter valued at $356,000. Kornitzer Capital Management Inc. KS lifted its stake in shares of Eastman Chemical by 2.0% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 219,999 shares of the basic materials company's stock worth $14,265,000 after purchasing an additional 4,273 shares during the last quarter. Parallel Advisors LLC boosted its position in Eastman Chemical by 25.2% during the third quarter. Parallel Advisors LLC now owns 4,487 shares of the basic materials company's stock valued at $291,000 after purchasing an additional 903 shares in the last quarter. CenterBook Partners LP boosted its position in Eastman Chemical by 20.5% during the third quarter. CenterBook Partners LP now owns 9,755 shares of the basic materials company's stock valued at $633,000 after purchasing an additional 1,657 shares in the last quarter. Finally, Inscription Capital LLC bought a new stake in Eastman Chemical during the third quarter valued at about $310,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Price Performance

Shares of EMN stock opened at $65.46 on Tuesday. Eastman Chemical Company has a fifty-two week low of $56.11 and a fifty-two week high of $83.47. The firm has a market capitalization of $7.49 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 0.94 and a beta of 1.07. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.76 and a current ratio of 1.57. The stock's 50-day simple moving average is $66.01 and its 200-day simple moving average is $70.84.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, October 29th. The basic materials company reported $1.84 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.08). The company had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.41 billion. Eastman Chemical had a net margin of 7.15% and a return on equity of 10.59%. The business's revenue for the quarter was up 8.3% compared to the same quarter last year. During the same period in the previous year, the business earned $1.14 earnings per share. As a group, equities analysts forecast that Eastman Chemical Company will post 6.10 earnings per share for the current fiscal year.

Analysts Set New Price Targets

EMN has been the subject of a number of recent research reports. Zacks Research downgraded shares of Eastman Chemical from a "hold" rating to a "strong sell" rating in a report on Monday, October 19th. JPMorgan Chase & Co. lowered their price target on shares of Eastman Chemical from $66.00 to $65.00 and set a "neutral" rating on the stock in a report on Monday, November 2nd. KeyCorp started coverage on shares of Eastman Chemical in a research report on Thursday, September 10th. They issued a "sector weight" rating on the stock. Barclays boosted their price objective on shares of Eastman Chemical from $72.00 to $74.00 and gave the stock an "equal weight" rating in a research note on Monday, November 2nd. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $74.00 price objective on shares of Eastman Chemical in a research note on Monday, August 3rd. Six analysts have rated the stock with a Buy rating, nine have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $74.79.

Eastman Chemical Company Profile

Eastman Chemical Company is a global specialty materials and chemicals company founded in 1920 in Kingsport, Tennessee. Originally part of Eastman Kodak, it became an independent company in 1994. Eastman develops and manufactures materials and chemical products for customers in a wide range of industries.

Its products include specialty plastics and films, performance additives, chemical intermediates, and cellulose acetate fibers. These materials are used in applications such as transportation, building and construction, consumer goods, electronics, packaging, and healthcare.

Eastman serves customers around the world through a global network of manufacturing sites and commercial operations.

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