Eastman Chemical Company (NYSE:EMN) announced a quarterly dividend on Friday, August 4th, Wall Street Journal reports. Stockholders of record on Friday, September 15th will be paid a dividend of 0.51 per share by the basic materials company on Monday, October 2nd. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Thursday, September 14th.
Eastman Chemical has increased its dividend payment by an average of 26.9% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Eastman Chemical has a payout ratio of 27.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Eastman Chemical to earn $8.19 per share next year, which means the company should continue to be able to cover its $2.04 annual dividend with an expected future payout ratio of 24.9%.
Eastman Chemical (EMN) opened at 86.0632 on Wednesday. The firm has a 50-day moving average price of $84.55 and a 200-day moving average price of $81.74. The stock has a market cap of $12.46 billion, a PE ratio of 13.8121 and a beta of 1.26. Eastman Chemical has a 12-month low of $62.70 and a 12-month high of $87.54.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.98 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.89 by $0.09. Eastman Chemical had a return on equity of 22.54% and a net margin of 10.11%. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the business earned $1.68 EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. Analysts forecast that Eastman Chemical will post $7.52 EPS for the current fiscal year.
In related news, Director Renee J. Hornbaker sold 4,000 shares of the business’s stock in a transaction on Tuesday, August 22nd. The stock was sold at an average price of $84.43, for a total value of $337,720.00. Following the sale, the director now owns 21,858 shares of the company’s stock, valued at approximately $1,845,470.94. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Mark K. Cox sold 1,400 shares of the business’s stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $84.24, for a total value of $117,936.00. The disclosure for this sale can be found here. 1.14% of the stock is currently owned by company insiders.
EMN has been the topic of a number of recent analyst reports. Zacks Investment Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, June 30th. Citigroup Inc. raised their target price on Eastman Chemical from $81.00 to $89.00 and gave the company a “neutral” rating in a report on Wednesday, July 12th. KeyCorp reaffirmed a “buy” rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Thursday, August 24th. BidaskClub raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Thursday, June 15th. Finally, Jefferies Group LLC reaffirmed a “buy” rating and issued a $90.00 target price on shares of Eastman Chemical in a report on Wednesday, July 5th. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $90.90.
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Eastman Chemical Company Profile
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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