Eastman Chemical Company (NYSE:EMN) declared a quarterly dividend on Friday, December 8th, Wall Street Journal reports. Investors of record on Monday, December 18th will be given a dividend of 0.56 per share by the basic materials company on Friday, January 5th. This represents a $2.24 annualized dividend and a dividend yield of 2.45%. The ex-dividend date of this dividend is Friday, December 15th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.51.
Eastman Chemical has increased its dividend by an average of 26.9% annually over the last three years and has raised its dividend annually for the last 5 consecutive years. Eastman Chemical has a dividend payout ratio of 31.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Eastman Chemical to earn $8.19 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 27.4%.
Eastman Chemical (NYSE:EMN) traded up $0.89 during trading hours on Friday, hitting $91.50. 968,600 shares of the company traded hands, compared to its average volume of 1,150,422. Eastman Chemical has a twelve month low of $74.78 and a twelve month high of $94.96. The company has a quick ratio of 0.94, a current ratio of 1.83 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $13,150.00, a PE ratio of 12.06, a PEG ratio of 1.54 and a beta of 1.30.
Several brokerages have issued reports on EMN. Cowen reaffirmed an “outperform” rating and set a $106.00 price target (up previously from $92.00) on shares of Eastman Chemical in a report on Friday. Instinet downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target for the company. in a report on Tuesday, October 10th. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. UBS raised their price target on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, October 27th. Finally, Nomura downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target for the company. in a report on Tuesday, October 10th. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $96.93.
In other news, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.14% of the stock is currently owned by company insiders.
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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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