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

Corning Incorporated (NYSE:GLW - Get Free Report) announced a quarterly dividend on Thursday, June 26th, Wall Street Journal reports. Investors of record on Friday, August 29th will be paid a dividend of 0.28 per share by the electronics maker on Monday, September 29th. This represents a $1.12 annualized dividend and a dividend yield of 2.16%. The ex-dividend date is Friday, August 29th.

Corning has a dividend payout ratio of 41.3% indicating that its dividend is sufficiently covered by earnings. 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 Price Performance

Shares of NYSE:GLW traded up $0.36 during midday trading on Thursday, hitting $51.75. 2,817,093 shares of the stock were exchanged, compared to its average volume of 5,723,724. The stock has a market cap of $44.32 billion, a P/E ratio of 99.51, a PEG ratio of 1.39 and a beta of 1.11. Corning has a twelve month low of $37.18 and a twelve month high of $55.33. The company has a 50 day moving average price of $47.68 and a 200-day moving average price of $47.87. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The business had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period in the prior year, the business earned $0.38 earnings per share. The company's quarterly revenue was up 12.9% on a year-over-year basis. On average, research analysts forecast that Corning will post 2.33 earnings per share for the current year.

Insider Transactions at Corning

In other news, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction dated Thursday, May 29th. The shares were sold at an average price of $49.68, for a total value of $849,826.08. Following the sale, the senior vice president now owns 16,117 shares in the company, valued at approximately $800,692.56. This represents a 51.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The stock was sold at an average price of $44.06, for a total value of $892,743.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Corning by 46.0% during the 4th quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker's stock valued at $319,000 after acquiring an additional 2,114 shares in the last quarter. Retirement Planning Co of New England Inc. bought a new stake in Corning during the first quarter valued at $729,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Corning by 9.3% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,704 shares of the electronics maker's stock worth $2,962,000 after purchasing an additional 5,522 shares during the period. Institutional investors own 69.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Citigroup dropped their price objective on Corning from $58.00 to $50.00 and set a "buy" rating for the company in a research report on Monday, April 14th. JPMorgan Chase & Co. lowered their price target on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th. Bank of America lifted their target price on shares of Corning from $65.00 to $68.00 and gave the stock a "buy" rating in a research note on Wednesday, March 19th. Finally, Oppenheimer cut their price target on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.75.

About Corning

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.

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