Allspring Global Investments Holdings LLC Purchases 20,272 Shares of Eastman Chemical (NYSE:EMN)

Allspring Global Investments Holdings LLC increased its position in Eastman Chemical (NYSE:EMN - Free Report) by 115.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 37,850 shares of the basic materials company's stock after acquiring an additional 20,272 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Eastman Chemical were worth $3,350,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crews Bank & Trust purchased a new stake in shares of Eastman Chemical in the fourth quarter worth $27,000. Dunhill Financial LLC increased its stake in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company's stock worth $37,000 after buying an additional 162 shares in the last quarter. Stonebridge Financial Group LLC bought a new stake in Eastman Chemical during the fourth quarter valued at about $37,000. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Eastman Chemical by 168.6% in the third quarter. Whittier Trust Co. of Nevada Inc. now owns 744 shares of the basic materials company's stock valued at $83,000 after acquiring an additional 467 shares in the last quarter. Finally, Ashton Thomas Securities LLC bought a new position in shares of Eastman Chemical in the third quarter worth about $89,000. Institutional investors own 83.65% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on EMN. UBS Group decreased their target price on Eastman Chemical from $124.00 to $123.00 and set a "buy" rating on the stock in a research note on Friday, January 31st. Royal Bank of Canada boosted their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a "sector perform" rating in a report on Tuesday, February 4th. Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Piper Sandler lifted their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a "neutral" rating in a report on Thursday, February 13th. Finally, Barclays dropped their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $114.08.

Eastman Chemical Trading Down 1.9 %

NYSE EMN traded down $1.93 during trading hours on Friday, hitting $98.63. 727,019 shares of the company were exchanged, compared to its average volume of 1,114,921. Eastman Chemical has a 52 week low of $85.28 and a 52 week high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The stock has a 50-day moving average price of $94.41 and a 200 day moving average price of $100.18. The stock has a market cap of $11.36 billion, a PE ratio of 12.84, a price-to-earnings-growth ratio of 1.23 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.37%. Eastman Chemical's dividend payout ratio is presently 43.23%.

Insider Activity at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm's stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the sale, the executive vice president now directly owns 47,287 shares of the company's stock, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. This trade represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by insiders.

About Eastman Chemical

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.