Eastman Chemical Company (NYSE:EMN) Announces Quarterly Dividend of $0.83

Key Points

• Eastman Chemical Company announced a quarterly dividend of $0.83 per share, with a dividend yield of 5.4%, payable on October 7th to stockholders of record as of September 15th.
• The company reported $1.60 earnings per share (EPS) for the last quarter, missing expectations, while also showing a 3.2% decrease in revenue compared to the same quarter last year.
• Analysts have lowered their price targets for Eastman Chemical, with consensus ratings reflecting a "Moderate Buy" and a target price of $87.00.

Eastman Chemical Company (NYSE:EMN - Get Free Report) announced a quarterly dividend on Thursday, August 7th, RTT News reports. Stockholders of record on Monday, September 15th will be paid a dividend of 0.83 per share by the basic materials company on Tuesday, October 7th. This represents a c) dividend on an annualized basis and a dividend yield of 5.4%.

Eastman Chemical has a dividend payout ratio of 40.0% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Eastman Chemical to earn $9.56 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 34.7%.

Eastman Chemical Stock Up 0.4%

Shares of EMN stock traded up $0.27 during trading on Thursday, reaching $61.19. The company's stock had a trading volume of 1,493,941 shares, compared to its average volume of 1,871,082. The company has a quick ratio of 0.79, a current ratio of 1.68 and a debt-to-equity ratio of 0.81. The business has a fifty day moving average price of $76.09 and a 200-day moving average price of $83.71. Eastman Chemical has a one year low of $56.78 and a one year high of $114.50. The company has a market cap of $7.03 billion, a price-to-earnings ratio of 8.59, a price-to-earnings-growth ratio of 5.51 and a beta of 1.21.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.12). Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same period last year, the company posted $2.15 earnings per share. The business's revenue was down 3.2% compared to the same quarter last year. Analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Barclays decreased their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. Mizuho decreased their price target on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a research note on Friday, August 1st. Citigroup reduced their price objective on shares of Eastman Chemical from $90.00 to $68.00 and set a "buy" rating on the stock in a research note on Monday. Wells Fargo & Company reduced their price objective on shares of Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Monday. Finally, UBS Group reduced their price objective on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus target price of $87.00.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.

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