Eastman Chemical (NYSE:EMN) declared a quarterly dividend on Friday, December 7th, Wall Street Journal reports. Shareholders of record on Monday, December 17th will be given a dividend of 0.62 per share by the basic materials company on Friday, January 4th. This represents a $2.48 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Friday, December 14th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.56.
Eastman Chemical has increased its dividend by an average of 13.4% per year over the last three years and has increased its dividend every year for the last 6 years. Eastman Chemical has a dividend payout ratio of 26.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Eastman Chemical to earn $9.19 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 24.4%.
EMN opened at $73.20 on Friday. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98. The stock has a market cap of $10.61 billion, a price-to-earnings ratio of 9.62, a P/E/G ratio of 1.03 and a beta of 1.28. Eastman Chemical has a 52-week low of $73.08 and a 52-week high of $112.45.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.05. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. As a group, analysts expect that Eastman Chemical will post 8.43 EPS for the current year.
Several equities analysts have issued reports on the stock. Citigroup lowered their target price on shares of Eastman Chemical from $94.00 to $86.00 and set a “neutral” rating on the stock in a research note on Monday, October 29th. SunTrust Banks upped their target price on shares of Eastman Chemical to $88.00 and gave the company a “hold” rating in a research note on Monday, November 19th. ValuEngine cut shares of Eastman Chemical from a “sell” rating to a “strong sell” rating in a research note on Friday, November 23rd. Cowen lowered their target price on shares of Eastman Chemical from $115.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 31st. Finally, KeyCorp lowered their target price on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday, October 29th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $99.50.
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About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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