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.
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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