THE WOODLANDS, Texas - Huntsman Corporation (NYSE: NYSE:HUN), a global manufacturer and marketer of specialty chemicals, has announced a quarterly cash dividend of $0.25 per share on its common stock. This dividend is slated for payment on September 30, 2024, to shareholders on record as of September 13, 2024.
The company, which reported revenues of approximately $6 billion in 2023, operates in various consumer and industrial markets. With over 60 facilities across about 25 countries, Huntsman employs roughly 6,000 associates in its ongoing operations.
This dividend declaration follows Huntsman's consistent performance in the specialty chemicals sector, reflecting its commitment to delivering value to shareholders. The forward-looking statements in their announcement indicate management's expectations but are subject to economic and market risks.
Investors are reminded that such statements involve uncertainties that could impact the company's future operations and financial results. These include global economic conditions, market volatility, operational disruptions, and the success of cost-saving measures.
The information regarding the dividend is based on a press release statement from Huntsman Corporation.
In other recent news, Huntsman Corporation has been the focus of several financial developments and analyst adjustments. JPMorgan (NYSE:JPM) upgraded Huntsman's stock to Overweight from Neutral, raising the price target to $27. This shift reflects the belief in Huntsman's potential for capital appreciation. Furthermore, Huntsman declared a cash dividend of $0.25 per share, signaling confidence in the company's financial stability and cash flow.
Moreover, Deutsche Bank (ETR:DBKGn) reduced Huntsman's stock price target to $27 but maintained a hold rating due to a gradual recovery in the company's key end market, construction. RBC Capital Markets raised Huntsman's price target from $24 to $26 based on an improved EBITDA outlook. In contrast, BofA Securities slightly reduced the price target to $29 but kept a buy rating on recovery prospects.
These recent developments occur amid Huntsman's reported revenues of approximately $6 billion for the year 2023. The company anticipates slow and steady volume growth in its polyurethanes business and outlined initiatives for future EBITDA growth. These adjustments and developments indicate a dynamic financial landscape for Huntsman Corporation.
InvestingPro Insights
Huntsman Corporation's (NYSE: HUN) commitment to shareholder returns is evidenced by its recent dividend announcement and a noteworthy track record of dividend payments. InvestingPro data shows that the company has raised its dividend for 3 consecutive years and has maintained dividend payments for 18 consecutive years. This consistent approach to dividends may appeal to income-focused investors, especially considering the current dividend yield stands at an attractive 4.45%.
Despite a challenging period with a reported revenue decline of 19.66% over the last twelve months as of Q1 2024, analysts have a positive outlook for Huntsman's profitability. With net income expected to grow this year, the company could be pivoting towards a more favorable financial position. Additionally, the InvestingPro Fair Value estimate sits at $22.56, closely aligned with the previous close price of $22.48, suggesting that the stock is trading at a fair market value.
For investors looking for stable investments, it's worth noting that Huntsman generally trades with low price volatility. This characteristic, combined with the dividend reliability, positions Huntsman as a potentially appealing option for risk-averse investors. Moreover, the InvestingPro platform lists several additional tips, including insights on earnings revisions and valuation multiples, which can provide a deeper understanding of the company's financial health and future prospects.
To explore more about Huntsman's financial metrics and for further InvestingPro Tips, interested parties can visit https://www.investing.com/pro/HUN. There, they will find a comprehensive list of additional tips that could guide investment decisions.
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