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

Corning Incorporated (NYSE:GLW) declared a quarterly dividend on Thursday, February 13th,Wall Street Journal reports. Shareholders of record on Friday, February 28th will be given a dividend of 0.28 per share by the electronics maker on Friday, March 28th. This represents a $1.12 annualized dividend and a yield of 2.15%. The ex-dividend date of this dividend is Friday, February 28th.

Corning has raised its dividend by an average of 5.3% annually over the last three years. Corning has a payout ratio of 41.5% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Corning to earn $2.73 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 41.0%.

Corning Stock Performance

Shares of GLW traded down $0.01 during mid-day trading on Thursday, hitting $52.00. The stock had a trading volume of 4,750,488 shares, compared to its average volume of 5,829,105. The firm has a market cap of $44.52 billion, a P/E ratio of 89.65, a PEG ratio of 1.55 and a beta of 1.03. The business has a fifty day moving average price of $49.41 and a 200-day moving average price of $46.15. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07. Corning has a 52 week low of $30.72 and a 52 week high of $55.33.

Corning (NYSE:GLW) last issued its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, equities research analysts expect that Corning will post 2.33 EPS for the current year.

Insiders Place Their Bets

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP John P. Bayne, Jr. sold 5,000 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the transaction, the senior vice president now owns 6,700 shares in the company, valued at $324,213. This represents a 42.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 46,085 shares of company stock worth $2,345,436 in the last ninety days. 0.40% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on GLW. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a research note on Tuesday, December 17th. UBS Group boosted their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research note on Wednesday, October 30th. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, Oppenheimer reiterated an “outperform” rating and set a $58.00 price objective (up from $51.00) on shares of Corning in a research note on Wednesday, October 30th. Three research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average target price of $53.00.

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.