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

Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Wednesday, February 12th, Wall Street Journal reports. Stockholders of record on Friday, February 28th will be given 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 2.25%. The ex-dividend date of this dividend 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% meaning 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 Stock Down 2.1 %

GLW opened at $49.73 on Wednesday. The business’s fifty day simple moving average is $50.01 and its 200 day simple moving average is $46.93. Corning has a 52 week low of $30.72 and a 52 week high of $55.33. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. The stock has a market cap of $42.59 billion, a PE ratio of 85.74, a P/E/G ratio of 1.50 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, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. As a group, research analysts expect that Corning will post 2.33 earnings per share for the current fiscal year.

Insider Activity at Corning

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

GLW has been the subject of a number of recent research reports. Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. UBS Group boosted their price target on shares of Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Barclays decreased their price objective on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Finally, Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Corning has a consensus rating of “Moderate Buy” and an average price target of $53.00.

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.