Eastman Chemical (NYSE:EMN) declared a quarterly dividend on Friday, February 16th, Wall Street Journal reports. Stockholders of record on Thursday, March 15th will be paid a dividend of 0.56 per share by the basic materials company on Friday, April 6th. This represents a $2.24 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend is Wednesday, March 14th.
Eastman Chemical has raised its dividend payment by an average of 13.4% annually over the last three years and has increased its dividend every year for the last 6 years. Eastman Chemical has a dividend payout ratio of 31.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Eastman Chemical to earn $9.20 per share next year, which means the company should continue to be able to cover its $2.24 annual dividend with an expected future payout ratio of 24.3%.
Eastman Chemical (EMN) opened at $100.13 on Friday. Eastman Chemical has a twelve month low of $76.02 and a twelve month high of $104.08. The company has a debt-to-equity ratio of 1.24, a current ratio of 1.83 and a quick ratio of 0.94. The stock has a market cap of $14,315.73, a price-to-earnings ratio of 9.89, a PEG ratio of 1.33 and a beta of 1.33.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.06 by $0.56. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.24 billion. During the same quarter in the prior year, the firm earned $1.51 EPS. Eastman Chemical’s revenue for the quarter was up 8.0% on a year-over-year basis. sell-side analysts expect that Eastman Chemical will post 8.47 earnings per share for the current year.
In other Eastman Chemical news, CEO Mark J. Costa sold 55,000 shares of the company’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $98.26, for a total transaction of $5,404,300.00. Following the completion of the transaction, the chief executive officer now owns 212,991 shares in the company, valued at approximately $20,928,495.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Stephen R. Demeritt sold 4,000 shares of the company’s stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total transaction of $399,360.00. Following the transaction, the director now owns 17,732 shares of the company’s stock, valued at approximately $1,770,362.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 66,742 shares of company stock valued at $6,555,051. 1.14% of the stock is owned by insiders.
EMN has been the subject of several research reports. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 price target for the company in a research report on Tuesday, January 9th. KeyCorp reiterated a “buy” rating and issued a $118.00 price target (up previously from $108.00) on shares of Eastman Chemical in a research report on Monday, January 8th. UBS Group upped their price target on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Barclays upped their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, February 5th. Finally, Tudor Pickering initiated coverage on shares of Eastman Chemical in a research report on Tuesday, November 14th. They issued a “hold” rating for the company. Nine investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $101.73.
About Eastman Chemical
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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