Corning Incorporated Announces Quarterly Dividend of $0.18 (GLW)

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.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. The firm had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.99 billion. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The business’s quarterly revenue was up 15.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.40 earnings per share. Analysts anticipate that Corning will post 1.77 EPS for the current year.

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.

TRADEMARK VIOLATION WARNING: “Corning Incorporated Announces Quarterly Dividend of $0.18 (GLW)” was originally posted by WKRB News and is owned by of WKRB News. If you are accessing this article on another publication, it was copied illegally and republished in violation of United States & international trademark & copyright laws. The legal version of this article can be read at https://www.wkrb13.com/2018/11/10/corning-incorporated-announces-quarterly-dividend-of-0-18-glw.html.

About Corning

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.

Featured Story: Capital Gains

Dividend History for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply