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

Corning Incorporated (NYSE:GLW) announced a quarterly dividend on Wednesday, October 2nd, Zacks reports. Stockholders of record on Friday, November 15th will be given a dividend of 0.28 per share by the electronics maker on Friday, December 13th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date is Friday, November 15th.

Corning has increased its dividend by an average of 8.4% per year over the last three years and has raised its dividend annually for the last 13 consecutive years. Corning has a payout ratio of 49.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Corning to earn $2.28 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 49.1%.

Corning Price Performance

Shares of NYSE GLW opened at $44.71 on Thursday. The business has a fifty day moving average price of $41.73 and a two-hundred day moving average price of $38.23. The stock has a market capitalization of $38.30 billion, a PE ratio of 63.26, a P/E/G ratio of 1.73 and a beta of 1.04. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same quarter last year, the business posted $0.45 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, equities analysts predict that Corning will post 1.91 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have recently weighed in on GLW. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Mizuho upgraded shares of Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the stock from $44.00 to $47.00 in a report on Wednesday, August 21st. Susquehanna increased their price objective on Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. Hsbc Global Res raised Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Finally, UBS Group upped their price target on Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a research report on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $47.00.

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.