Eastman Chemical Company (NYSE:EMN) to Issue Quarterly Dividend of $0.84

Eastman Chemical Company (NYSE:EMN) declared a quarterly dividend on Thursday, February 12th. Stockholders of record on Friday, March 13th will be paid a dividend of 0.84 per share by the basic materials company on Wednesday, April 8th. This represents a c) annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, March 13th.

Eastman Chemical has increased its dividend by an average of 0.0%annually over the last three years and has raised its dividend annually for the last 15 consecutive years. Eastman Chemical has a payout ratio of 40.4% meaning its dividend is sufficiently covered by earnings. Research analysts expect Eastman Chemical to earn $9.56 per share next year, which means the company should continue to be able to cover its $3.36 annual dividend with an expected future payout ratio of 35.1%.

Eastman Chemical Stock Down 0.4%

EMN stock opened at $79.46 on Friday. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. The firm’s 50-day simple moving average is $68.03 and its 200 day simple moving average is $65.15. The stock has a market cap of $9.06 billion, a PE ratio of 19.47, a price-to-earnings-growth ratio of 1.79 and a beta of 1.23. Eastman Chemical has a fifty-two week low of $56.11 and a fifty-two week high of $103.82.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. The business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the firm posted $1.87 EPS. The business’s quarterly revenue was down 12.1% on a year-over-year basis. As a group, sell-side analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on EMN. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $70.00 price target on shares of Eastman Chemical in a research note on Friday, December 19th. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a report on Monday, February 2nd. UBS Group decreased their price objective on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Weiss Ratings downgraded shares of Eastman Chemical from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, February 4th. Finally, Bank of America upped their price target on shares of Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $78.86.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.