Eastman Chemical (NYSE:EMN) Declares Quarterly Dividend of $0.81

Eastman Chemical (NYSE:EMN) declared a quarterly dividend on Thursday, August 1st, RTT News reports. Stockholders of record on Monday, September 16th will be given 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 dividend yield of 3.14%. The ex-dividend date is Monday, September 16th.

Eastman Chemical has increased its dividend payment by an average of 6.0% annually over the last three years and has raised its dividend every year for the last 14 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 Stock Performance

Shares of NYSE EMN opened at $103.10 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. Eastman Chemical has a one year low of $68.89 and a one year high of $105.98. The business’s 50-day moving average price is $98.48 and its two-hundred day moving average price is $97.78. The company has a market capitalization of $12.05 billion, a P/E ratio of 13.29, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly 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 during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.99 EPS. Analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Piper Sandler reissued a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho boosted their target price on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. UBS Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and increased their price target for the company from $106.00 to $128.00 in a report on Thursday, May 23rd. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target 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.