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

Corning Incorporated (NYSE:GLW) declared a quarterly dividend on Wednesday, February 12th,Wall Street Journal reports. Stockholders of record on Friday, February 28th will be paid a dividend of 0.28 per share by the electronics maker on Friday, March 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date 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. Research 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 Trading Down 0.0 %

GLW stock traded down $0.01 during mid-day trading on Thursday, reaching $52.00. The company’s stock had a trading volume of 4,750,544 shares, compared to its average volume of 5,829,108. Corning has a 12 month low of $30.72 and a 12 month high of $55.33. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average price is $49.41 and its 200 day moving average price is $46.15. The company has a market cap of $44.52 billion, a price-to-earnings ratio of 89.65, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03.

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

Insiders Place Their Bets

In other news, COO Eric S. Musser sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the sale, the chief operating officer now owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,085 shares of company stock valued at $2,345,436. Corporate insiders own 0.40% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the company. Deutsche Bank Aktiengesellschaft raised their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research note on Wednesday, October 30th. Citigroup boosted their price objective on Corning from $55.00 to $58.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. UBS Group upped their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. HSBC raised shares of Corning from a “hold” rating to a “buy” rating and lifted their price target for the company from $51.00 to $60.00 in a research report on Thursday, January 30th. Finally, Morgan Stanley upped their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a report on Tuesday, December 17th. Three analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Corning has a consensus rating of “Moderate Buy” and a consensus price target 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.