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Eastman Chemical (EMN) Raises Dividend for 14th Straight Year
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Eastman Chemical Company's (EMN - Free Report) board of directors increased the quarterly cash dividend on its common stock from 79 cents to 81 cents per share. The dividend will be paid out on Jan 5, 2024 to stockholders of record as of Dec 18, 2023.
Eastman Chemical is committed to continuing its long history of returning cash to stockholders. This action reflects the board's confidence in the company's ability to deliver solid earnings and maintain its track record of strong cash flow generation, EMN noted.
Eastman Chemical ended the third quarter with $439 million in cash and cash equivalents. Operating cash flow was $514 million in the third quarter, up from $256 million in the year-ago quarter. In the third quarter of 2023, the company returned $94 million to shareholders through dividends and share repurchases.
Shares of Eastman Chemical have dropped 1.9% over the past year compared with a 14.6% decline of its industry.
Image Source: Zacks Investment Research
On its third-quarter call, EMN stated that it is seeing muted demand heading into the fourth quarter as customers are cautious in the prevailing challenging environment. In addition, it anticipates regular seasonality in key end markets, including building and construction, consumer durables and performance films for automotive applications.
Eastman Chemical expects EPS for 2023 between $6.30 and $6.50. Furthermore, EMN expects to deliver $1.4 billion in operating cash flow in 2023.
Eastman Chemical currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the basic material space include Denison Mines Corp. (DNN - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Denison Mines has a projected earnings growth rate of 100% for the current year. It currently sports a Zacks Rank #1 (Strong Buy). DNN delivered a trailing four-quarter earnings surprise of roughly 225%, on average. The stock has surged around 63.7% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently sports a Zacks Rank #1. AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock has risen around 23.1% in a year.
Andersons currently carries a Zacks Rank #2 (Buy). The stock has rallied roughly 45% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.
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Eastman Chemical (EMN) Raises Dividend for 14th Straight Year
Eastman Chemical Company's (EMN - Free Report) board of directors increased the quarterly cash dividend on its common stock from 79 cents to 81 cents per share. The dividend will be paid out on Jan 5, 2024 to stockholders of record as of Dec 18, 2023.
Eastman Chemical is committed to continuing its long history of returning cash to stockholders. This action reflects the board's confidence in the company's ability to deliver solid earnings and maintain its track record of strong cash flow generation, EMN noted.
Eastman Chemical ended the third quarter with $439 million in cash and cash equivalents. Operating cash flow was $514 million in the third quarter, up from $256 million in the year-ago quarter. In the third quarter of 2023, the company returned $94 million to shareholders through dividends and share repurchases.
Shares of Eastman Chemical have dropped 1.9% over the past year compared with a 14.6% decline of its industry.
Image Source: Zacks Investment Research
On its third-quarter call, EMN stated that it is seeing muted demand heading into the fourth quarter as customers are cautious in the prevailing challenging environment. In addition, it anticipates regular seasonality in key end markets, including building and construction, consumer durables and performance films for automotive applications.
Eastman Chemical expects EPS for 2023 between $6.30 and $6.50. Furthermore, EMN expects to deliver $1.4 billion in operating cash flow in 2023.
Eastman Chemical Company Price and Consensus
Eastman Chemical Company price-consensus-chart | Eastman Chemical Company Quote
Zacks Rank & Key Picks
Eastman Chemical currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the basic material space include Denison Mines Corp. (DNN - Free Report) , Axalta Coating Systems Ltd. (AXTA - Free Report) and The Andersons Inc. (ANDE - Free Report) .
Denison Mines has a projected earnings growth rate of 100% for the current year. It currently sports a Zacks Rank #1 (Strong Buy). DNN delivered a trailing four-quarter earnings surprise of roughly 225%, on average. The stock has surged around 63.7% in a year. You can see the complete list of today’s Zacks #1 Rank stocks here.
Axalta has a projected earnings growth rate of 5.4% for the current year. It currently sports a Zacks Rank #1. AXTA delivered a trailing four-quarter earnings surprise of roughly 6.7%, on average. The stock has risen around 23.1% in a year.
Andersons currently carries a Zacks Rank #2 (Buy). The stock has rallied roughly 45% in the past year. ANDE beat the Zacks Consensus Estimate in each of the last four quarters. It delivered a trailing four-quarter earnings surprise of 64.4%, on average.