Eastman Chemical (EMN) to Issue Quarterly Dividend of $0.62 on October 4th

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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.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $2.09 by ($0.10). Eastman Chemical had a net margin of 9.45% and a return on equity of 17.76%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.55 billion. During the same quarter last year, the company earned $2.22 EPS. The business’s revenue was down 9.8% compared to the same quarter last year. On average, equities research analysts predict that Eastman Chemical will post 7.66 EPS for the current year.

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.

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Dividend History for Eastman Chemical (NYSE:EMN)

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