Eastman Chemical Company (NYSE:EMN) to Issue Quarterly Dividend of $0.84

Eastman Chemical Company (NYSE:EMN) announced a quarterly dividend on Thursday, December 4th. Investors of record on Monday, December 15th will be given a dividend of 0.84 per share by the basic materials company on Thursday, January 8th. This represents a c) annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Monday, December 15th. This is a 1.2% increase from Eastman Chemical’s previous quarterly dividend of $0.83.

Eastman Chemical has increased its dividend payment by an average of 0.1%annually over the last three years and has increased its dividend every year for the last 15 years. Eastman Chemical has a dividend payout ratio of 40.0% meaning 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 Price Performance

Shares of Eastman Chemical stock opened at $60.63 on Friday. The stock has a market capitalization of $6.92 billion, a P/E ratio of 10.12, a PEG ratio of 6.59 and a beta of 1.24. The business has a 50 day simple moving average of $61.02 and a two-hundred day simple moving average of $68.86. Eastman Chemical has a 12 month low of $56.11 and a 12 month high of $103.82. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Monday, November 3rd. The basic materials company reported $1.14 EPS for the quarter, missing the consensus estimate of $1.18 by ($0.04). Eastman Chemical had a return on equity of 12.89% and a net margin of 7.75%.The firm had revenue of $2.20 billion for the quarter, compared to analysts’ expectations of $2.28 billion. During the same quarter in the previous year, the firm posted $2.26 earnings per share. The firm’s revenue for the quarter was down 10.6% compared to the same quarter last year. Eastman Chemical has set its FY 2025 guidance at 5.400-5.65 EPS. As a group, analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on EMN shares. Wells Fargo & Company dropped their target price on shares of Eastman Chemical from $80.00 to $70.00 and set an “overweight” rating for the company in a report on Wednesday, November 5th. Royal Bank Of Canada set a $71.00 price target on shares of Eastman Chemical in a research report on Tuesday, October 14th. Evercore ISI cut their price objective on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating for the company in a report on Tuesday, November 11th. Bank of America decreased their target price on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, October 14th. Finally, The Goldman Sachs Group dropped their price target on Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating for the company in a research report on Thursday, August 7th. Eight investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $78.62.

About Eastman Chemical

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.