Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Wednesday, October 3rd, Zacks reports. Investors of record on Friday, November 16th will be given a dividend of 0.18 per share by the electronics maker on Friday, December 14th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.15%. The ex-dividend date is Thursday, November 15th.
Corning has increased its dividend by an average of 15.7% per year over the last three years and has raised its dividend every year for the last 7 years. Corning has a payout ratio of 41.6% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Corning to earn $2.07 per share next year, which means the company should continue to be able to cover its $0.72 annual dividend with an expected future payout ratio of 34.8%.
GLW stock opened at $33.56 on Friday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.51 and a current ratio of 2.13. Corning has a fifty-two week low of $26.11 and a fifty-two week high of $36.56. The company has a market cap of $27.22 billion, a P/E ratio of 19.51, a PEG ratio of 2.19 and a beta of 1.28.
Several equities analysts have commented on GLW shares. Zacks Investment Research lowered shares of Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, September 25th. Argus increased their price target on shares of Corning from $36.00 to $42.00 and gave the company a “positive” rating in a research note on Thursday, September 20th. UBS Group set a $33.00 price target on shares of Corning and gave the company a “hold” rating in a research note on Tuesday, October 23rd. TheStreet upgraded shares of Corning from a “c+” rating to a “b” rating in a research note on Wednesday, July 25th. Finally, Citigroup dropped their price target on shares of Corning from $40.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, October 24th. Four equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Corning has a consensus rating of “Buy” and a consensus target price of $35.89.
In other Corning news, VP Eric S. Musser sold 18,225 shares of the stock in a transaction that occurred on Monday, August 27th. The shares were sold at an average price of $33.45, for a total value of $609,626.25. Following the transaction, the vice president now directly owns 59,815 shares in the company, valued at $2,000,811.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Christine M. Pambianchi sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 4th. The shares were sold at an average price of $33.42, for a total transaction of $334,200.00. Following the completion of the transaction, the vice president now owns 50,403 shares in the company, valued at $1,684,468.26. The disclosure for this sale can be found here. Insiders sold 59,892 shares of company stock worth $2,087,018 over the last quarter. 0.46% of the stock is currently owned by insiders.
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Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.
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