Corning Incorporated to Issue Quarterly Dividend of $0.18 (GLW)

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Corning Incorporated (NYSE:GLW) declared a quarterly dividend on Wednesday, October 3rd, Zacks reports. Investors of record on Friday, November 16th will be paid 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 of this dividend is Thursday, November 15th.

Corning has increased its dividend by an average of 15.7% per year over the last three years and has raised 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. Equities 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%.

Shares of GLW stock opened at $33.56 on Friday. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. Corning has a twelve month low of $26.11 and a twelve month high of $36.56. The company 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 issued its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $2.99 billion. During the same period last year, the business earned $0.40 EPS. The firm’s revenue was up 15.4% compared to the same quarter last year. On average, research analysts forecast that Corning will post 1.77 EPS for the current year.

In other Corning news, VP Eric S. Musser sold 18,225 shares of Corning stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $33.45, for a total value of $609,626.25. Following the transaction, the vice president now directly owns 59,815 shares of the company’s stock, valued at approximately $2,000,811.75. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Christine M. Pambianchi sold 10,000 shares of Corning stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $33.42, for a total value of $334,200.00. Following the completion of the transaction, the vice president now directly owns 50,403 shares in the company, valued at $1,684,468.26. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,892 shares of company stock worth $2,087,018. Company insiders own 0.46% of the company’s stock.

A number of research analysts recently weighed in on the company. Zacks Investment Research raised Corning from a “hold” rating to a “buy” rating and set a $34.00 price objective on the stock in a research note on Monday, October 22nd. UBS Group raised their price objective on Corning from $29.50 to $32.00 and gave the company a “neutral” rating in a research note on Thursday, July 26th. TheStreet raised Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Guggenheim reaffirmed a “buy” rating on shares of Corning in a research report on Wednesday, July 25th. Finally, Citigroup dropped their price target on Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a research report on Wednesday, October 24th. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Corning has an average rating of “Buy” and an average price target of $35.89.

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About Corning

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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Dividend History for Corning (NYSE:GLW)

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