Corning Incorporated (NYSE:GLW) Announces Quarterly Dividend of $0.28

Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Wednesday, June 26th, Zacks reports. Stockholders of record on Friday, August 30th will be paid a dividend of 0.28 per share by the electronics maker on Friday, September 27th. This represents a $1.12 annualized dividend and a dividend yield of 2.65%. The ex-dividend date of this dividend is Friday, August 30th.

Corning has increased its dividend payment by an average of 8.4% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. Corning has a payout ratio of 49.3% meaning its dividend is sufficiently covered by earnings. Analysts expect Corning to earn $2.28 per share next year, which means the company should continue to be able to cover its $1.12 annual dividend with an expected future payout ratio of 49.1%.

Corning Stock Performance

NYSE GLW opened at $42.32 on Thursday. The stock has a 50-day simple moving average of $41.24 and a two-hundred day simple moving average of $36.37. The firm has a market capitalization of $36.21 billion, a P/E ratio of 59.61, a PEG ratio of 1.63 and a beta of 1.05. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57.

Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same period last year, the firm earned $0.45 EPS. The company’s quarterly revenue was up 3.5% on a year-over-year basis. On average, equities analysts forecast that Corning will post 1.91 earnings per share for the current year.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

GLW has been the topic of several research analyst reports. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their target price on Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upgraded Corning from a “hold” rating to a “buy” rating and set a $46.00 target price on the stock in a report on Wednesday, July 31st. Citigroup boosted their target price on Corning from $45.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, July 12th. Finally, Bank of America lowered their target price on Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Wednesday, July 31st. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $45.62.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.