Eastman Chemical (NYSE:EMN) announced a quarterly dividend on Thursday, May 2nd, Zacks reports. Shareholders of record on Monday, June 17th will be paid a dividend of 0.62 per share by the basic materials company on Friday, July 5th. This represents a $2.48 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date of this dividend is Friday, June 14th.
Eastman Chemical has raised its dividend by an average of 23.1% annually over the last three years and has raised its dividend annually for the last 7 consecutive years. Eastman Chemical has a dividend payout ratio of 28.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Eastman Chemical to earn $9.55 per share next year, which means the company should continue to be able to cover its $2.48 annual dividend with an expected future payout ratio of 26.0%.
Shares of EMN opened at $71.33 on Friday. The stock has a market capitalization of $9.88 billion, a price-to-earnings ratio of 8.70, a price-to-earnings-growth ratio of 0.95 and a beta of 1.24. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.79 and a current ratio of 1.51. Eastman Chemical has a fifty-two week low of $64.84 and a fifty-two week high of $110.17.
Several brokerages have recently issued reports on EMN. Citigroup set a $83.00 target price on shares of Eastman Chemical and gave the stock a “hold” rating in a research note on Friday, May 10th. ValuEngine downgraded shares of Eastman Chemical from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 7th. Cowen reiterated a “market perform” rating and issued a $84.00 target price (down previously from $88.00) on shares of Eastman Chemical in a research note on Tuesday, April 30th. UBS Group set a $98.00 target price on shares of Eastman Chemical and gave the stock a “buy” rating in a research note on Friday, April 26th. Finally, Zacks Investment Research upgraded shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. Eastman Chemical presently has an average rating of “Hold” and a consensus target price of $91.27.
Eastman Chemical Company Profile
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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