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

Corning Incorporated (NYSE:GLW) declared a quarterly dividend on Wednesday, October 2nd,Zacks Dividends reports. Investors of record on Friday, November 15th will be paid a dividend of 0.28 per share by the electronics maker on Friday, December 13th. This represents a $1.12 annualized dividend and a yield of 2.37%. The ex-dividend date of this dividend is Friday, November 15th.

Corning has raised its dividend payment 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 48.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Corning to earn $2.30 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 48.7%.

Corning Trading Down 2.3 %

Shares of NYSE GLW opened at $47.21 on Thursday. The company’s 50 day simple moving average is $45.39 and its 200 day simple moving average is $41.29. Corning has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The firm has a market capitalization of $40.42 billion, a P/E ratio of 277.71, a P/E/G ratio of 1.55 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The business had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business posted $0.45 earnings per share. Corning’s revenue was up 6.9% compared to the same quarter last year. On average, analysts predict that Corning will post 1.95 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Finally, Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a report on Friday, September 20th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $50.08.

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.