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

Corning Incorporated (NYSE:GLW - Get Free Report) announced a quarterly dividend on Wednesday, February 12th,Wall Street Journal reports. Stockholders of record on Friday, February 28th will be given a dividend of 0.28 per share by the electronics maker on Friday, March 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend is Friday, February 28th.

Corning has increased its dividend by an average of 5.3% annually over the last three years. Corning has a dividend payout ratio of 41.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Corning to earn $2.73 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 41.0%.

Corning Stock Up 0.9 %

Shares of NYSE GLW traded up $0.47 during trading hours on Monday, hitting $52.58. The company had a trading volume of 3,779,586 shares, compared to its average volume of 6,591,637. The stock has a market capitalization of $45.02 billion, a P/E ratio of 90.66, a price-to-earnings-growth ratio of 1.55 and a beta of 1.03. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning has a 1-year low of $30.72 and a 1-year high of $55.33. The firm's 50 day moving average is $49.52 and its 200-day moving average is $46.30.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, analysts expect that Corning will post 2.33 earnings per share for the current fiscal year.

Insider Buying and Selling at Corning

In other news, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at approximately $7,940,852.48. This represents a 16.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 46,085 shares of company stock worth $2,345,436 over the last 90 days. Insiders own 0.40% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on GLW. Barclays cut their price target on Corning from $53.00 to $52.00 and set an "equal weight" rating for the company in a report on Wednesday, January 29th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the stock a "neutral" rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on Corning from $55.00 to $60.00 and gave the stock an "overweight" rating in a research report on Wednesday, October 30th. StockNews.com upgraded Corning from a "hold" rating to a "buy" rating in a research report on Tuesday, December 24th. Finally, Hsbc Global Res upgraded Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. Three equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Corning currently has a consensus rating of "Moderate Buy" and a consensus price target of $53.00.

Corning Company Profile

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.