Corning Incorporated (NYSE:GLW) declared a quarterly dividend on Wednesday, October 3rd, Zacks reports. Investors of record on Friday, November 16th will be given a dividend of 0.18 per share by the electronics maker on Friday, December 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Thursday, November 15th.
Corning has increased its dividend by an average of 15.7% per year over the last three years and has increased its dividend every year for the last 7 years. Corning has a payout ratio of 41.6% meaning its dividend is sufficiently covered by earnings. 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%.
NYSE:GLW opened at $33.56 on Friday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.13 and a quick ratio of 1.51. 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 P/E ratio of 19.51, a P/E/G ratio of 2.19 and a beta of 1.28.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.03. Corning had a positive return on equity of 13.22% and a negative net margin of 5.86%. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same quarter last year, the company posted $0.40 EPS. Corning’s revenue for the quarter was up 15.4% on a year-over-year basis. Research analysts expect that Corning will post 1.77 EPS for the current fiscal year.
In other Corning news, VP Christine M. Pambianchi sold 1,000 shares of the firm’s stock in a transaction dated Thursday, August 30th. The stock was sold at an average price of $33.66, for a total transaction of $33,660.00. Following the completion of the sale, the vice president now directly owns 60,403 shares in the company, valued at approximately $2,033,164.98. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the firm’s stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $36.18, for a total value of $1,109,532.06. Following the sale, the insider now owns 146,049 shares of the company’s stock, valued at $5,284,052.82. The disclosure for this sale can be found here. Insiders have sold a total of 59,892 shares of company stock valued at $2,087,018 over the last 90 days. Corporate insiders own 0.46% of the company’s stock.
A number of equities analysts recently weighed in on GLW shares. Citigroup upgraded Corning from a “neutral” rating to a “buy” rating and increased their price target for the company from $32.50 to $40.00 in a research report on Friday, September 14th. TheStreet upgraded Corning from a “c+” rating to a “b” rating in a research report on Wednesday, July 25th. Guggenheim reiterated a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Zacks Investment Research lowered Corning from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 30th. Finally, ValuEngine upgraded Corning from a “hold” rating to a “buy” rating in a research report on Thursday, July 26th. Four equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Corning has an average rating of “Buy” and a consensus target price of $35.89.
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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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