Eastman Chemical (NYSE:EMN) declared a quarterly dividend on Thursday, August 1st, RTT News reports. Shareholders of record on Monday, September 16th will be given a dividend of 0.62 per share by the basic materials company on Friday, October 4th. This represents a $2.48 annualized dividend and a yield of 3.34%. The ex-dividend date of this dividend is Friday, September 13th.
Eastman Chemical has raised its dividend by an average of 23.1% per year over the last three years and has increased its dividend every year for the last 7 years. Eastman Chemical has a dividend payout ratio of 28.9% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Eastman Chemical to earn $8.72 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 28.4%.
EMN opened at $74.33 on Wednesday. The company has a market capitalization of $9.65 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 1.05 and a beta of 1.37. The business’s fifty day simple moving average is $68.53 and its 200-day simple moving average is $74.99. The company has a current ratio of 1.58, a quick ratio of 0.80 and a debt-to-equity ratio of 0.95. Eastman Chemical has a 12-month low of $61.22 and a 12-month high of $100.51.
Several research analysts have weighed in on EMN shares. Citigroup set a $78.00 target price on shares of Eastman Chemical and gave the stock a “hold” rating in a research note on Monday, July 15th. Zacks Investment Research downgraded Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 price objective on the stock. in a report on Tuesday, July 2nd. SunTrust Banks set a $80.00 price target on shares of Eastman Chemical and gave the stock a “hold” rating in a research note on Monday, July 15th. Cowen reiterated a “market perform” rating and issued a $77.00 price objective (down previously from $83.00) on shares of Eastman Chemical in a research note on Monday, August 5th. Finally, JPMorgan Chase & Co. downgraded shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $88.00 to $80.00 in a research note on Monday, July 29th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $85.38.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
Featured Story: Balanced Fund
Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.