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

Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Thursday, June 26th, Wall Street Journal reports. Stockholders 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 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Friday, August 29th.

Corning has a 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 Stock Up 0.3%

Shares of Corning stock opened at $51.87 on Friday. Corning has a 12-month low of $37.18 and a 12-month high of $55.33. The firm has a market capitalization of $44.42 billion, a PE ratio of 99.74, a price-to-earnings-growth ratio of 1.39 and a beta of 1.11. The company has a quick ratio of 1.05, a current ratio of 1.69 and a debt-to-equity ratio of 0.62. The stock’s fifty day moving average is $48.09 and its 200-day moving average is $47.92.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. Corning’s revenue was up 12.9% on a year-over-year basis. During the same quarter last year, the business posted $0.38 EPS. Equities analysts anticipate that Corning will post 2.33 earnings per share for the current year.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In related news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP John Z. Zhang sold 8,000 shares of the firm’s stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the sale, the vice president now directly owns 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 75,796 shares of company stock valued at $3,632,635. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of institutional investors and hedge funds have recently bought and sold shares of GLW. Brighton Jones LLC raised its position in shares of Corning by 46.0% during the fourth quarter. Brighton Jones LLC now owns 6,705 shares of the electronics maker’s stock valued at $319,000 after buying an additional 2,114 shares during the last quarter. Retirement Planning Co of New England Inc. acquired a new stake in Corning during the first quarter worth about $729,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in 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 buying an additional 5,522 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

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.