Eastman Chemical to Issue Quarterly Dividend of $0.83 (NYSE:EMN)

Eastman Chemical (NYSE:EMN - Get Free Report) announced a quarterly dividend on Thursday, February 13th,RTT News reports. Stockholders of record on Friday, March 14th will be paid a dividend of 0.83 per share by the basic materials company on Monday, April 7th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Friday, March 14th.

Eastman Chemical has increased its dividend by an average of 4.8% annually over the last three years and has increased its dividend annually for the last 15 consecutive years. Eastman Chemical has a payout ratio of 35.0% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Eastman Chemical to earn $9.53 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 34.8%.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded down $0.59 on Monday, reaching $100.99. 829,322 shares of the company traded hands, compared to its average volume of 1,167,509. Eastman Chemical has a fifty-two week low of $83.38 and a fifty-two week high of $114.50. The company's 50 day moving average is $94.27 and its 200-day moving average is $100.12. The stock has a market capitalization of $11.71 billion, a PE ratio of 13.15, a P/E/G ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. As a group, analysts anticipate that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the sale, the executive vice president now owns 47,287 shares of the company's stock, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.93% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on EMN shares. UBS Group cut their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a "buy" rating on the stock in a research note on Friday, January 31st. Citigroup downgraded shares of Eastman Chemical from a "buy" rating to a "neutral" rating and dropped their price target for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. JPMorgan Chase & Co. upped their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, November 4th. Finally, Piper Sandler upped their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $114.08.

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.