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

Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Wednesday, February 12th,Wall Street Journal reports. Shareholders 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 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Friday, February 28th.

Corning has raised its dividend payment by an average of 5.3% annually over the last three years. Corning has a payout ratio of 41.5% meaning its dividend is sufficiently covered by earnings. 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 Performance

Shares of Corning stock traded down $0.01 during trading hours on Thursday, reaching $52.00. The company had a trading volume of 4,750,544 shares, compared to its average volume of 5,829,108. The firm has a market cap of $44.52 billion, a PE ratio of 89.65, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. Corning has a one year low of $30.72 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. The business has a fifty day simple moving average of $49.41 and a 200 day simple moving average of $46.15.

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

Wall Street Analyst Weigh In

GLW has been the topic of a number of analyst reports. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Morgan Stanley boosted their price target on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. Finally, Barclays cut their target price on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Corning presently has an average rating of “Moderate Buy” and an average target price of $53.00.

Insider Transactions at Corning

In related news, SVP John P. Bayne, Jr. sold 8,876 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total transaction of $435,722.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now directly owns 6,700 shares of the company’s stock, valued at $324,213. The trade was a 42.74 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 46,085 shares of company stock worth $2,345,436. Company insiders own 0.40% of the company’s stock.

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.