Corning Incorporated (GLW) Announces Quarterly Dividend of $0.10
Corning (NYSE:GLW) declared a quarterly dividend on Thursday, May 1st, AR Network reports. Investors of record on Friday, May 30th will be given a dividend of 0.10 per share on Monday, June 30th. This represents a $0.40 dividend on an annualized basis and a yield of 1.90%. The ex-dividend date of this dividend is Wednesday, May 28th.
A number of research firms have recently commented on GLW. Analysts at HSBC downgraded shares of Corning from an “overweight” rating to a “neutral” rating in a research note on Wednesday. On a related note, analysts at UBS AG reiterated a “neutral” rating on shares of Corning in a research note on Tuesday. They now have a $22.00 price target on the stock, down previously from $22.50. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Corning in a research note on Tuesday. They now have a $22.00 price target on the stock. One investment analyst has rated the stock with a sell rating, fourteen have assigned a hold rating and eight have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $20.16.
Shares of Corning (NYSE:GLW) traded up 0.72% during mid-day trading on Thursday, hitting $21.06. The stock had a trading volume of 8,491,659 shares. Corning has a 52 week low of $13.82 and a 52 week high of $21.77. The stock has a 50-day moving average of $20.46 and a 200-day moving average of $18.33. The company has a market cap of $27.557 billion and a price-to-earnings ratio of 17.20. Corning also was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 39,978,650 shares, a decrease of 30.9% from the March 31st total of 57,818,514 shares. Currently, 2.9% of the shares of the company are short sold. Based on an average daily volume of 12,515,564 shares, the days-to-cover ratio is presently 3.2 days.
Corning (NYSE:GLW) last issued its quarterly earnings data on Monday, April 28th. The company reported $0.31 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.30 by $0.01. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.30 billion. During the same quarter last year, the company posted $0.30 earnings per share. Corning’s revenue was up 31.7% compared to the same quarter last year. On average, analysts predict that Corning will post $1.50 earnings per share for the current fiscal year.
Corning Incorporated (NYSE:GLW) is a global, technology-based corporation.
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