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

Allspring Global Investments Holdings LLC reduced its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 79.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Tucker Asset Management LLC increased its holdings in shares of Eastman Chemical by 19.5% during the third quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company's stock worth $67,000 after buying an additional 142 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in shares of Eastman Chemical by 26.2% during the third quarter. Parkside Financial Bank & Trust now owns 814 shares of the basic materials company's stock worth $62,000 after buying an additional 169 shares in the last quarter. Steph & Co. increased its holdings in shares of Eastman Chemical by 12.8% during the third quarter. Steph & Co. now owns 1,765 shares of the basic materials company's stock worth $135,000 after buying an additional 200 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Eastman Chemical by 16.7% during the fourth quarter. Allworth Financial LP now owns 1,434 shares of the basic materials company's stock worth $129,000 after buying an additional 205 shares in the last quarter. Finally, Global Retirement Partners LLC increased its holdings in shares of Eastman Chemical by 3.1% during the fourth quarter. Global Retirement Partners LLC now owns 7,530 shares of the basic materials company's stock worth $650,000 after buying an additional 225 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

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 dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.93% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

EMN has been the topic of several analyst reports. KeyCorp boosted their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 9th. Stifel Nicolaus reduced their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a "buy" rating on the stock in a research note on Monday, February 5th. Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a "sector perform" rating in a research note on Friday, April 19th. Citigroup boosted their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a "buy" rating in a research note on Wednesday, April 10th. Finally, Wells Fargo & Company upped their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an "equal weight" rating in a research report on Thursday, April 11th. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Eastman Chemical has an average rating of "Moderate Buy" and a consensus price target of $97.81.

Eastman Chemical Stock Performance

Shares of EMN traded down $0.24 during mid-day trading on Thursday, hitting $96.12. 1,631,680 shares of the company traded hands, compared to its average volume of 1,088,901. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The stock has a 50-day moving average price of $93.56 and a two-hundred day moving average price of $86.16. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71. The stock has a market cap of $11.30 billion, a price-to-earnings ratio of 12.71, a P/E/G ratio of 1.07 and a beta of 1.54.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, beating analysts' consensus estimates of $1.28 by $0.03. The business had revenue of $2.21 billion during the quarter, compared to analysts' expectations of $2.21 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The firm's revenue was down 7.0% on a year-over-year basis. During the same period in the prior year, the company earned $0.89 earnings per share. Equities analysts anticipate that Eastman Chemical will post 7.71 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Eastman Chemical's payout ratio is 43.26%.

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.