Corning Incorporated (NYSE:GLW) declared a quarterly dividend on Thursday, September 26th, RTT News reports. Investors of record on Friday, November 15th will be paid a dividend of 0.20 per share by the electronics maker on Friday, December 13th. This represents a $0.80 annualized dividend and a yield of 2.67%. The ex-dividend date is Thursday, November 14th.
NYSE GLW traded down $0.02 on Tuesday, hitting $29.92. The stock had a trading volume of 32,772 shares, compared to its average volume of 5,111,909. The business’s fifty day moving average price is $29.12 and its 200 day moving average price is $30.26. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.71 and a quick ratio of 1.06. Corning has a 52-week low of $26.75 and a 52-week high of $35.34. The stock has a market cap of $23.00 billion, a price-to-earnings ratio of 16.81, a price-to-earnings-growth ratio of 2.15 and a beta of 1.16.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, October 29th. The electronics maker reported $0.44 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.40 by $0.04. Corning had a net margin of 10.41% and a return on equity of 15.19%. The business had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.87 billion. During the same period in the previous year, the company earned $0.51 earnings per share. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Corning will post 1.75 EPS for the current year.
Several equities analysts have issued reports on GLW shares. Cross Research lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, September 17th. Bank of America cut their price target on shares of Corning from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Tuesday, September 17th. Deutsche Bank lowered shares of Corning from a “buy” rating to a “hold” rating and cut their price target for the stock from $33.00 to $30.00 in a report on Wednesday, October 30th. Morgan Stanley cut their price target on shares of Corning from $37.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, September 18th. Finally, S&P Equity Research lowered shares of Corning from a “positive” rating to a “neutral” rating and cut their price target for the stock from $40.00 to $30.00 in a report on Thursday, August 1st. They noted that the move was a valuation call. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $32.64.
In other news, VP Lewis A. Steverson sold 63,381 shares of Corning stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $30.19, for a total transaction of $1,913,472.39. Following the completion of the sale, the vice president now directly owns 18,422 shares in the company, valued at $556,160.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Clark S. Kinlin sold 9,667 shares of Corning stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $27.94, for a total transaction of $270,095.98. Following the sale, the insider now owns 70,648 shares of the company’s stock, valued at $1,973,905.12. The disclosure for this sale can be found here. Insiders have sold 76,393 shares of company stock valued at $2,283,698 over the last quarter. Insiders own 0.46% of the company’s stock.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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