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.
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.
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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