Eastman Chemical (NYSE:EMN) announced a quarterly dividend on Friday, February 16th, Wall Street Journal reports. Stockholders of record on Thursday, March 15th will be paid a dividend of 0.56 per share by the basic materials company on Friday, April 6th. This represents a $2.24 annualized dividend and a dividend yield of 2.02%. The ex-dividend date is Wednesday, March 14th.
Eastman Chemical has increased its dividend by an average of 13.4% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Eastman Chemical has a payout ratio of 31.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Eastman Chemical to earn $9.31 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 24.1%.
Shares of Eastman Chemical (NYSE EMN) opened at $110.84 on Tuesday. Eastman Chemical has a fifty-two week low of $76.02 and a fifty-two week high of $111.16. The company has a market capitalization of $15,624.83, a price-to-earnings ratio of 14.34, a PEG ratio of 1.44 and a beta of 1.25. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12.
In related news, Director Stephen R. Demeritt sold 4,000 shares of the stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total value of $399,360.00. Following the completion of the sale, the director now directly owns 17,732 shares of the company’s stock, valued at approximately $1,770,362.88. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Damon Cary Warmack sold 2,710 shares of the stock in a transaction dated Friday, February 23rd. The stock was sold at an average price of $102.22, for a total value of $277,016.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 134,335 shares of company stock valued at $13,334,831. Company insiders own 1.14% of the company’s stock.
EMN has been the subject of several analyst reports. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $119.00 target price for the company in a report on Wednesday, March 7th. KeyCorp reaffirmed a “buy” rating and set a $118.00 target price (up from $108.00) on shares of Eastman Chemical in a report on Monday, January 8th. Jefferies Group reaffirmed a “buy” rating on shares of Eastman Chemical in a report on Friday. Barclays upped their target price on Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Finally, Tudor Pickering initiated coverage on Eastman Chemical in a report on Tuesday, November 14th. They set a “hold” rating for the company. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $103.27.
About Eastman Chemical
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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