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

Corning Incorporated (NYSE:GLW - Get Free Report) announced a quarterly dividend on Friday, May 3rd, Wall Street Journal reports. Investors of record on Friday, May 31st will be paid a dividend of 0.28 per share by the electronics maker on Thursday, June 27th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 3.32%. The ex-dividend date of this dividend is Friday, May 31st.

Corning has raised its dividend by an average of 8.4% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Corning has a payout ratio of 51.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Corning to earn $2.17 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 51.6%.

Corning Stock Performance

Shares of GLW traded up $0.15 during mid-day trading on Friday, reaching $33.72. 4,490,048 shares of the company's stock were exchanged, compared to its average volume of 4,846,409. The business's fifty day simple moving average is $32.34 and its 200-day simple moving average is $30.57. The stock has a market capitalization of $28.84 billion, a PE ratio of 47.49, a price-to-earnings-growth ratio of 1.84 and a beta of 1.07. Corning has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.05.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion for the quarter, compared to analysts' expectations of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm's revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.41 EPS. On average, equities research analysts expect that Corning will post 1.88 earnings per share for the current year.

Insider Buying and Selling at Corning

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares of the company's stock, valued at $7,155,042.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the business's stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders have sold a total of 119,988 shares of company stock valued at $3,984,964 over the last ninety days. Corporate insiders own 0.40% of the company's stock.

Analyst Ratings Changes

GLW has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Corning from $36.00 to $37.00 and gave the company a "neutral" rating in a research note on Wednesday. Barclays raised their price objective on Corning from $28.00 to $35.00 and gave the company an "equal weight" rating in a research note on Wednesday, January 31st. StockNews.com upgraded Corning from a "sell" rating to a "hold" rating in a research report on Monday, April 1st. Morgan Stanley reiterated an "overweight" rating and issued a $35.00 price objective on shares of Corning in a research report on Monday, April 22nd. Finally, UBS Group raised their target price on shares of Corning from $34.00 to $35.00 and gave the company a "neutral" rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Corning currently has an average rating of "Hold" and an average target price of $34.89.

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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