Eastman Chemical (NYSE:EMN) Plans Quarterly Dividend of $0.66

Eastman Chemical (NYSE:EMN) declared a quarterly dividend on Wednesday, February 12th, Zacks reports. Investors of record on Monday, March 16th will be paid a dividend of 0.66 per share by the basic materials company on Friday, April 3rd. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.57%. The ex-dividend date is Friday, March 13th.

Eastman Chemical has increased its dividend payment by an average of 8.1% annually over the last three years and has increased its dividend every year for the last 8 years. Eastman Chemical has a dividend payout ratio of 34.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Eastman Chemical to earn $8.14 per share next year, which means the company should continue to be able to cover its $2.64 annual dividend with an expected future payout ratio of 32.4%.

Shares of NYSE EMN traded down $0.98 during trading hours on Friday, hitting $74.05. 10,486 shares of the stock were exchanged, compared to its average volume of 1,211,886. Eastman Chemical has a one year low of $61.22 and a one year high of $86.18. The company’s 50 day moving average is $74.90 and its 200 day moving average is $73.91. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.65 and a quick ratio of 0.84. The firm has a market capitalization of $10.22 billion, a P/E ratio of 13.57, a P/E/G ratio of 1.19 and a beta of 1.38.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.33 by $0.09. The firm had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.20 billion. Eastman Chemical had a net margin of 8.19% and a return on equity of 16.50%. The business’s quarterly revenue was down 7.2% on a year-over-year basis. During the same quarter last year, the firm posted $1.39 EPS. Research analysts anticipate that Eastman Chemical will post 7.42 earnings per share for the current fiscal year.

Several analysts have recently issued reports on the company. SunTrust Banks increased their target price on Eastman Chemical to $80.00 and gave the stock a “hold” rating in a report on Tuesday, October 29th. They noted that the move was a valuation call. Wells Fargo & Co lifted their price target on shares of Eastman Chemical from $84.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday, January 15th. Citigroup dropped their price objective on shares of Eastman Chemical from $80.00 to $74.00 and set a “neutral” rating on the stock in a report on Monday, February 3rd. Zacks Investment Research upgraded shares of Eastman Chemical from a “sell” rating to a “hold” rating and set a $83.00 price objective on the stock in a report on Thursday, January 2nd. Finally, Royal Bank of Canada reissued a “hold” rating and set a $80.00 price objective on shares of Eastman Chemical in a research report on Sunday, December 22nd. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $82.38.

About Eastman Chemical

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Dividend History for Eastman Chemical (NYSE:EMN)

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