Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Thursday, October 5th, Wall Street Journal reports. Investors of record on Thursday, November 16th will be given a dividend of 0.155 per share by the electronics maker on Friday, December 15th. This represents a $0.62 annualized dividend and a yield of 1.96%. The ex-dividend date of this dividend is Wednesday, November 15th.
Corning has increased its dividend by an average of 11.5% annually over the last three years and has increased its dividend annually for the last 6 consecutive years. Corning has a payout ratio of 36.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Corning to earn $1.74 per share next year, which means the company should continue to be able to cover its $0.62 annual dividend with an expected future payout ratio of 35.6%.
Shares of Corning (GLW) opened at $31.66 on Tuesday. Corning has a twelve month low of $23.30 and a twelve month high of $32.33. The company has a market capitalization of $27,575.19, a PE ratio of 18.24, a P/E/G ratio of 2.64 and a beta of 1.33. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.69 and a quick ratio of 2.14.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping the consensus estimate of $0.41 by $0.02. Corning had a return on equity of 11.53% and a net margin of 24.98%. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period last year, the company earned $0.42 EPS. Corning’s revenue for the quarter was up 4.0% on a year-over-year basis. analysts predict that Corning will post 1.7 earnings per share for the current fiscal year.
In related news, CEO Wendell P. Weeks sold 248,857 shares of the business’s stock in a transaction that occurred on Tuesday, October 31st. The stock was sold at an average price of $31.37, for a total transaction of $7,806,644.09. Following the completion of the transaction, the chief executive officer now directly owns 65,333 shares in the company, valued at approximately $2,049,496.21. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Mark S. Rogus sold 9,242 shares of the business’s stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total value of $296,853.04. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 422,449 shares of company stock valued at $12,907,983. 0.59% of the stock is currently owned by corporate insiders.
Several equities research analysts recently commented on the company. Goldman Sachs Group, Inc. (The) downgraded Corning from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Zacks Investment Research downgraded Corning from a “hold” rating to a “sell” rating in a report on Friday, October 20th. Oppenheimer Holdings, Inc. reiterated a “hold” rating on shares of Corning in a report on Thursday, July 27th. Deutsche Bank AG boosted their price target on Corning from $33.00 to $35.00 and gave the company a “buy” rating in a research note on Wednesday, October 25th. Finally, Guggenheim restated a “buy” rating and set a $35.00 price target on shares of Corning in a research note on Tuesday, August 15th. Two research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Corning has a consensus rating of “Hold” and a consensus target price of $29.28.
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Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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