Corning Incorporated (NYSE:GLW) to Issue $0.28 Quarterly Dividend

Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Thursday, May 2nd, Wall Street Journal reports. Investors 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 dividend 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 raised its dividend every year for the last 13 years. Corning has a 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

Shares of NYSE:GLW opened at $33.72 on Friday. The business has a fifty day simple moving average of $32.34 and a 200-day simple moving average of $30.57. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. Corning has a 52 week low of $25.26 and a 52 week high of $36.01. The company has a market cap of $28.84 billion, a P/E ratio of 47.49, a P/E/G ratio of 1.70 and a beta of 1.07.

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

Wall Street Analysts Forecast Growth

GLW has been the subject of several recent research reports. Barclays increased their price target on Corning from $28.00 to $35.00 and gave the company an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com upgraded Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group upped their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a report on Monday, April 8th. Morgan Stanley reiterated an “overweight” rating and set a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. Finally, HSBC downgraded shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 target price for the company. in a research note on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $34.89.

Insider Transactions at Corning

In other news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction that occurred 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 sale, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the transaction, the executive vice president now owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 119,988 shares of company stock valued at $3,984,964. Insiders own 0.40% of the company’s stock.

About Corning

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.