Corning Incorporated (NYSE:GLW) Declares Quarterly Dividend of $0.27

Corning Incorporated (NYSE:GLW – Get Rating) announced a quarterly dividend on Thursday, October 6, reports The Wall Street Journal. Shareholders of record on Friday, November 18 will receive a dividend of 0.27 per share from the electronics maker on Friday, December 16. This represents an annualized dividend of $1.08 and a dividend yield of 3.43%. The ex-dividend date is Thursday, November 17.

Corning has increased its dividend payout by an average of 10.1% per year over the past three years and has increased its dividend every year for the past 11 consecutive years. Corning has a payout ratio of 44.1%, which means its dividend is sufficiently covered by earnings. Equity research analysts expect Corning to earn $2.48 per share next year, meaning the company should continue to be able to cover its $1.08 annual dividend with a expected future payout ratio of 43.5%.

Corning stock up 0.5%

NYSE GLW shares were up $0.17 during Thursday trading hours, hitting $31.49. The company had a trading volume of 4,708,801 shares, compared to its average volume of 4,970,589. The company’s 50-day moving average is $33.89 and its 200-day moving average is $34.29. Corning has a 1-year low of $28.98 and a 1-year high of $43.47. The stock has a market capitalization of $26.62 billion, a P/E ratio of 13.49, a price-to-earnings growth ratio of 2.19 and a beta of 1.04. The company has a quick ratio of 0.91, a current ratio of 1.43 and a debt ratio of 0.56.

Corning (NYSE:GLW – Get Rating) last announced its quarterly results on Tuesday, July 26. The electronics maker reported earnings per share (EPS) of $0.57 for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.38% and a net margin of 13.73%. The company posted revenue of $3.76 billion in the quarter, versus a consensus estimate of $3.79 billion. During the same quarter last year, the company posted EPS of $0.53. The company’s quarterly revenue increased 7.4% year over year. On average, analysts expect Corning to post earnings per share of 2.22 for the current fiscal year.

A Wall Street analyst gives his opinion

GLW has been the subject of several research reports. UBS Group cut its price target on Corning to $40.00 and set an “outperform” rating for the company in a Wednesday, July 27 report. Deutsche Bank Aktiengesellschaft lowered its price target on Corning from $39.00 to $37.00 and set a “hold” rating for the company in a Thursday, September 15 report. Citigroup lowered its target price on Corning from $37.00 to $36.00 and set a “neutral” rating for the company in a Friday, September 9 report. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a Friday, September 16 report. Finally, Susquehanna Bancshares lowered its target price on Corning from $46.00 to $40.00 and set a “positive” rating for the company in a Friday, September 9 report. Six research analysts gave the stock a hold rating and six gave the stock a buy rating. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $40.27.

Insider Trading at Corning

Separately, SVP John P. Bayne, Jr. sold 5,575 shares of the company in a trade dated Monday, August 1. The stock was sold at an average price of $36.70, for a total transaction of $204,602.50. Following the sale, the senior vice president now directly owns 7,345 shares of the company, valued at $269,561.50. The transaction was disclosed in a document filed with the SEC, which can be accessed on the SEC’s website. Insiders of the company own 0.36% of the shares of the company.

Hedge funds weigh on Corning

A number of hedge funds and other institutional investors have recently changed their positions in GLW. International Assets Investment Management LLC acquired a new position in Corning in the first quarter worth approximately $212,000. Walleye Capital LLC purchased a new equity stake in Corning during the first quarter valued at approximately $217,000. qPULA Trading Management LP purchased a new equity stake in Corning during the first quarter worth approximately $218,000. Fund management at Engine No. 1 LLC purchased a new equity stake in Corning during the first quarter, valued at approximately $234,000. Finally, Enlightenment Research LLC purchased a new equity stake in Corning during the first quarter worth approximately $244,000. 69.00% of the shares are held by institutional investors and hedge funds.

Corning Company Profile

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Corning Incorporated is active in display technologies, optical communications, environmental technologies, specialty materials and life sciences worldwide. The Company’s Display Technologies segment offers glass substrates for liquid crystal displays and organic light-emitting diodes used in televisions, laptops, desktop monitors, tablets and portable devices.

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Corning (NYSE: GLW) Dividend History

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