Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Wednesday, October 3rd, Zacks reports. Shareholders of record on Friday, November 16th will be paid a dividend of 0.18 per share by the electronics maker on Friday, December 14th. This represents a $0.72 annualized dividend and a yield of 2.15%. The ex-dividend date is Thursday, November 15th.
Corning has raised its dividend 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 payout ratio of 41.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Corning to earn $2.07 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 34.8%.
Shares of GLW stock opened at $33.56 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. Corning has a 1 year low of $26.11 and a 1 year high of $36.56. The firm has a market capitalization of $27.22 billion, a price-to-earnings ratio of 19.51, a price-to-earnings-growth ratio of 2.19 and a beta of 1.28.
Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.99 billion. During the same period in the previous year, the business earned $0.40 EPS. The company’s revenue was up 15.4% compared to the same quarter last year. Research analysts expect that Corning will post 1.77 EPS for the current year.
Several equities research analysts have issued reports on GLW shares. Citigroup upgraded shares of Corning from a “neutral” rating to a “buy” rating and lifted their price target for the company from $32.50 to $40.00 in a research note on Friday, September 14th. TheStreet raised shares of Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. Guggenheim reissued a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Zacks Investment Research downgraded shares of Corning from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 30th. Finally, ValuEngine raised shares of Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Corning currently has an average rating of “Buy” and an average target price of $35.89.
In other news, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of Corning stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $36.18, for a total value of $1,109,532.06. Following the completion of the transaction, the insider now owns 146,049 shares of the company’s stock, valued at approximately $5,284,052.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 10,000 shares of Corning stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $33.42, for a total transaction of $334,200.00. Following the completion of the transaction, the vice president now directly owns 50,403 shares of the company’s stock, valued at approximately $1,684,468.26. The disclosure for this sale can be found here. In the last three months, insiders sold 59,892 shares of company stock valued at $2,087,018. Insiders own 0.46% of the company’s stock.
Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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