Eastman Chemical Declares Quarterly Dividend of $0.81 (NYSE:EMN)

Eastman Chemical (NYSE:EMN) announced a quarterly dividend on Thursday, May 2nd, RTT News reports. Investors of record on Monday, June 17th will be given a dividend of 0.81 per share by the basic materials company on Tuesday, July 9th. This represents a $3.24 dividend on an annualized basis and a yield of 3.38%.

Eastman Chemical has raised its dividend payment by an average of 6.0% per year over the last three years and has raised its dividend annually for the last 14 consecutive years. Eastman Chemical has a payout ratio of 36.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Eastman Chemical to earn $9.32 per share next year, which means the company should continue to be able to cover its $3.24 annual dividend with an expected future payout ratio of 34.8%.

Eastman Chemical Trading Up 1.2 %

EMN traded up $1.16 on Thursday, reaching $95.92. 682,352 shares of the company traded hands, compared to its average volume of 1,086,235. Eastman Chemical has a one year low of $68.89 and a one year high of $102.71. The firm has a fifty day simple moving average of $94.60 and a two-hundred day simple moving average of $86.94. The company has a market cap of $11.28 billion, a P/E ratio of 12.21, a price-to-earnings-growth ratio of 1.02 and a beta of 1.54. The company has a quick ratio of 0.70, a current ratio of 1.39 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the previous year, the firm earned $1.63 EPS. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. As a group, equities research analysts expect that Eastman Chemical will post 7.74 earnings per share for the current year.

Insider Activity

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 1.93% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have commented on EMN. UBS Group increased their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. Piper Sandler raised their target price on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday. KeyCorp raised their target price on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday. Finally, Bank of America cut their price target on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Monday. Eight research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus target price of $103.12.

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.