Corning Incorporated (GLW) Plans Quarterly Dividend of $0.16
Corning Incorporated (NYSE:GLW) declared a quarterly dividend on Thursday, October 5th, Wall Street Journal reports. Stockholders of record on Thursday, November 16th will be paid a dividend of 0.155 per share by the electronics maker on Friday, December 15th. This represents a $0.62 annualized dividend and a dividend yield of 2.04%. The ex-dividend date is Wednesday, November 15th.
Corning has increased its dividend payment by an average of 11.5% annually over the last three years and has increased its dividend every year for the last 6 years. Corning has a dividend payout ratio of 36.7% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Corning to earn $1.84 per share next year, which means the company should continue to be able to cover its $0.62 annual dividend with an expected future payout ratio of 33.7%.
Corning (NYSE GLW) traded down 0.07% during midday trading on Thursday, reaching $30.45. 4,882,666 shares of the company traded hands. The firm has a market capitalization of $27.50 billion, a price-to-earnings ratio of 13.60 and a beta of 1.38. Corning has a 12 month low of $22.23 and a 12 month high of $32.17. The firm’s 50 day moving average price is $29.17 and its 200 day moving average price is $29.07.
Corning (NYSE:GLW) last issued its earnings results on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The business had revenue of $2.59 billion for the quarter, compared to analyst estimates of $2.54 billion. During the same period in the previous year, the business earned $0.37 EPS. The firm’s revenue was up 6.1% on a year-over-year basis. On average, analysts expect that Corning will post $1.69 earnings per share for the current year.
In other news, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $28.53, for a total value of $1,334,148.39. Following the completion of the transaction, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Christine M. Pambianchi sold 33,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the completion of the transaction, the vice president now owns 73,145 shares of the company’s stock, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. Insiders sold 127,888 shares of company stock valued at $3,653,485 in the last ninety days. Insiders own 0.59% of the company’s stock.
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A number of equities analysts have commented on the stock. Goldman Sachs Group, Inc. (The) lowered shares of Corning from a “neutral” rating to a “sell” rating and reduced their price target for the company from $29.00 to $26.00 in a research report on Tuesday, August 15th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Corning in a research report on Thursday, July 27th. Susquehanna Bancshares Inc restated a “positive” rating on shares of Corning in a research report on Thursday, July 13th. Guggenheim restated a “buy” rating and issued a $35.00 price target on shares of Corning in a research report on Tuesday, August 15th. Finally, Vetr upgraded shares of Corning from a “buy” rating to a “strong-buy” rating and set a $33.69 price target on the stock in a research report on Monday, July 10th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. Corning presently has a consensus rating of “Hold” and a consensus target price of $28.90.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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