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

Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Shareholders of record on Friday, May 31st will be given a dividend of 0.28 per share by the electronics maker on Thursday, June 27th. This represents a $1.12 annualized dividend and a yield of 3.32%. The ex-dividend date is Friday, May 31st.

Corning has increased its dividend by an average of 8.4% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Corning has a dividend payout ratio of 51.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Corning to earn $2.19 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 51.1%.

Corning Price Performance

NYSE:GLW opened at $33.72 on Friday. Corning has a 12 month low of $25.26 and a 12 month high of $36.01. The stock has a 50 day moving average of $32.34 and a two-hundred day moving average of $30.57. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. The firm has a market cap of $28.84 billion, a P/E ratio of 47.49, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the business earned $0.41 EPS. Corning’s quarterly revenue was down 11.5% on a year-over-year basis. On average, analysts expect that Corning will post 1.9 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on GLW. Barclays boosted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a report on Monday, April 1st. HSBC cut Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price on the stock. in a report on Thursday, February 1st. UBS Group boosted their target price on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Finally, StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of “Hold” and a consensus price target of $34.89.

Insider Activity at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now directly owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the company’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the transaction, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,988 shares of company stock worth $3,984,964. Insiders own 0.40% of the company’s stock.

Corning Company Profile

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.