Corning Incorporated (GLW) to Issue Quarterly Dividend of $0.28 on December 13th

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 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Friday, November 15th.

Corning has raised its dividend by an average of 8.4% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Corning has a payout ratio of 49.3% meaning its dividend is sufficiently covered by earnings. 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 $44.59 on Friday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The firm has a market cap of $38.16 billion, a price-to-earnings ratio of 62.80, a P/E/G ratio of 1.73 and a beta of 1.04. The firm has a fifty day moving average price of $41.77 and a 200 day moving average price of $38.27. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39.

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

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. HSBC raised Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. Oppenheimer lifted their price objective on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. UBS Group boosted their target price on shares of Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday, July 9th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price target on shares of Corning in a report on Friday, July 26th. Finally, Barclays boosted their price objective on Corning from $36.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, Corning currently 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.