Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Wednesday, February 7th, Zacks reports. Stockholders of record on Wednesday, February 28th will be given a dividend of 0.18 per share by the electronics maker on Thursday, March 29th. This represents a $0.72 annualized dividend and a dividend yield of 2.44%. The ex-dividend date of this dividend is Tuesday, February 27th. This is an increase from Corning’s previous quarterly dividend of $0.16.
Corning has raised its dividend payment by an average of 15.7% annually over the last three years and has increased its dividend annually for the last 7 consecutive years. Corning has a dividend payout ratio of 36.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Corning to earn $1.90 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 32.6%.
Corning (NYSE:GLW) traded up $0.02 during mid-day trading on Thursday, hitting $29.54. The stock had a trading volume of 7,230,625 shares, compared to its average volume of 7,860,000. The firm has a market capitalization of $25,670.00, a P/E ratio of -37.39, a P/E/G ratio of 4.37 and a beta of 1.34. Corning has a 1-year low of $26.32 and a 1-year high of $35.10. The company has a debt-to-equity ratio of 0.35, a current ratio of 2.75 and a quick ratio of 2.22.
In other Corning news, Director Deborah Rieman sold 2,083 shares of the stock in a transaction on Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the completion of the transaction, the director now owns 102,896 shares in the company, valued at $3,309,135.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 51,676 shares of the stock in a transaction on Thursday, December 21st. The stock was sold at an average price of $32.42, for a total value of $1,675,335.92. Following the completion of the transaction, the insider now owns 136,032 shares of the company’s stock, valued at approximately $4,410,157.44. The disclosure for this sale can be found here. Corporate insiders own 0.59% of the company’s stock.
Several research firms have recently weighed in on GLW. ValuEngine raised Corning from a “hold” rating to a “buy” rating in a report on Friday, February 2nd. Oppenheimer reissued a “hold” rating on shares of Corning in a report on Wednesday, January 31st. Guggenheim reissued a “buy” rating on shares of Corning in a report on Tuesday, January 30th. Citigroup increased their price objective on Corning from $33.00 to $35.00 and gave the company a “neutral” rating in a report on Thursday, January 25th. Finally, Barclays set a $38.00 price target on Corning and gave the stock a “buy” rating in a report on Wednesday, January 10th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $31.47.
Corning Company Profile
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).
Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.