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

Corning Incorporated (NYSE:GLW) declared a quarterly dividend on Thursday, February 13th,Wall Street Journal reports. Investors of record on Friday, February 28th will be paid a dividend of 0.28 per share by the electronics maker on Friday, March 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.15%. The ex-dividend date is Friday, February 28th.

Corning has increased its dividend payment by an average of 5.3% annually over the last three years. Corning has a payout ratio of 41.5% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Corning to earn $2.73 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 41.0%.

Corning Stock Down 0.0 %

Shares of GLW traded down $0.01 on Thursday, hitting $52.00. The company’s stock had a trading volume of 4,750,488 shares, compared to its average volume of 5,829,105. Corning has a fifty-two week low of $30.72 and a fifty-two week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The firm’s fifty day moving average price is $49.41 and its 200-day moving average price is $46.15. The firm has a market capitalization of $44.52 billion, a price-to-earnings ratio of 89.65, a P/E/G ratio of 1.55 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities research analysts expect that Corning will post 2.33 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 5,000 shares of Corning stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 46,085 shares of company stock worth $2,345,436. 0.40% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have weighed in on GLW shares. Morgan Stanley increased their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. UBS Group increased their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Wednesday, October 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. StockNews.com raised Corning from a “hold” rating to a “buy” rating in a research note on Tuesday, December 24th. Finally, JPMorgan Chase & Co. lifted their price target on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research note on Wednesday, October 30th. Three equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $53.00.

Corning Company Profile

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.