Eastman Chemical (NYSE:EMN) Plans $0.81 Quarterly Dividend

Eastman Chemical (NYSE:EMN) announced a quarterly dividend on Thursday, August 1st, RTT News reports. Investors of record on Monday, September 16th will be paid a dividend of 0.81 per share by the basic materials company on Monday, October 7th. This represents a $3.24 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend is Monday, September 16th.

Eastman Chemical has raised its dividend payment by an average of 6.0% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Eastman Chemical has a payout ratio of 36.2% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Eastman Chemical to earn $9.06 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 35.8%.

Eastman Chemical Trading Up 3.5 %

Shares of NYSE EMN opened at $103.10 on Friday. The firm’s 50 day moving average price is $98.31 and its 200-day moving average price is $97.58. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The company has a market cap of $12.05 billion, a PE ratio of 13.29, a P/E/G ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same period last year, the business posted $1.99 EPS. On average, equities research analysts expect that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Barclays raised their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Citigroup cut their target price on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Piper Sandler restated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Seven 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, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $108.07.

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.