Eastman Chemical (EMN) to Issue Quarterly Dividend of $0.83 on July 8th

Eastman Chemical (NYSE:EMN) declared a quarterly dividend on Thursday, May 1st, RTT News reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.83 per share by the basic materials company on Tuesday, July 8th. This represents a $3.32 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Friday, June 13th.

Eastman Chemical has a payout ratio of 40.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Eastman Chemical to earn $9.56 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 34.7%.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $81.27 on Wednesday. The stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of 10.58, a price-to-earnings-growth ratio of 1.22 and a beta of 1.25. The company has a fifty day moving average of $78.72 and a 200-day moving average of $89.36. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The company’s revenue for the quarter was down .9% compared to the same quarter last year. During the same period last year, the firm earned $1.61 earnings per share. Equities research analysts expect that Eastman Chemical will post 8.55 EPS for the current year.

Institutional Trading of Eastman Chemical

A number of hedge funds have recently made changes to their positions in the stock. NewEdge Advisors LLC raised its stake in Eastman Chemical by 2.6% during the first quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock valued at $644,000 after buying an additional 183 shares during the last quarter. Focus Partners Wealth raised its position in shares of Eastman Chemical by 28.4% in the 1st quarter. Focus Partners Wealth now owns 6,403 shares of the basic materials company’s stock worth $564,000 after purchasing an additional 1,415 shares during the last quarter. Brighton Jones LLC bought a new position in Eastman Chemical in the 4th quarter worth about $202,000. Woodline Partners LP grew its position in Eastman Chemical by 39.8% during the 1st quarter. Woodline Partners LP now owns 9,730 shares of the basic materials company’s stock valued at $857,000 after purchasing an additional 2,769 shares during the last quarter. Finally, United Services Automobile Association bought a new stake in Eastman Chemical during the 1st quarter valued at about $252,000. 83.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. UBS Group decreased their target price on shares of Eastman Chemical from $111.00 to $107.00 and set a “buy” rating on the stock in a research note on Wednesday, May 28th. Barclays lowered their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 29th. KeyCorp cut their target price on Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $76.00 price objective (down previously from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Finally, Mizuho raised Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Thursday, April 3rd. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $98.54.

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.