Corning Inc. to Issue Quarterly Dividend of C$0.14 (GLW)
Corning Inc. (NYSE:GLW) declared a quarterly dividend on Wednesday, October 5th. Shareholders of record on Thursday, November 17th will be paid a dividend of 0.135 per share on Thursday, December 15th. This represents a $0.54 dividend on an annualized basis and a yield of 2.27%.
Corning (NYSE:GLW) opened at 23.80 on Thursday. Corning has a 52 week low of $16.13 and a 52 week high of $23.89. The company has a market cap of $24.68 billion, a P/E ratio of 13.11 and a beta of 1.34. The firm has a 50-day moving average price of $22.89 and a 200-day moving average price of $21.18.
Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.32 by $0.05. The business earned $2.36 billion during the quarter, compared to analysts’ expectations of $2.38 billion. Corning had a return on equity of 9.65% and a net margin of 25.53%. The firm’s quarterly revenue was up .7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 earnings per share. Equities research analysts anticipate that Corning will post $1.43 EPS for the current fiscal year.
In other news, insider James P. Clappin sold 15,000 shares of the business’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of C$22.00, for a total value of C$330,000.00. Following the transaction, the insider now directly owns 81,589 shares in the company, valued at C$1,794,958. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Wendell P. Weeks sold 68,250 shares of the business’s stock in a transaction dated Tuesday, August 2nd. The shares were sold at an average price of C$22.21, for a total value of C$1,515,832.50. Following the completion of the transaction, the chief executive officer now owns 68,250 shares in the company, valued at C$1,515,832.50. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.
Several institutional investors have recently made changes to their positions in the stock. Sunbelt Securities Inc. increased its position in shares of Corning by 5.6% in the second quarter. Sunbelt Securities Inc. now owns 9,500 shares of the company’s stock valued at $195,000 after buying an additional 500 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. acquired a new position in shares of Corning during the second quarter valued at approximately $216,000. SOUTH STATE Corp increased its position in shares of Corning by 9.9% in the second quarter. SOUTH STATE Corp now owns 12,239 shares of the company’s stock valued at $251,000 after buying an additional 1,098 shares during the last quarter. Lebenthal Asset Management LLC acquired a new position in shares of Corning during the second quarter valued at approximately $286,000. Finally, Dubuque Bank & Trust Co. increased its position in shares of Corning by 7.2% in the second quarter. Dubuque Bank & Trust Co. now owns 15,450 shares of the company’s stock valued at $316,000 after buying an additional 1,038 shares during the last quarter. Institutional investors and hedge funds own 73.63% of the company’s stock.
GLW has been the subject of a number of recent research reports. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a research note on Friday, August 26th. Citigroup Inc. lifted their price objective on Corning from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Friday, August 26th. Argus reiterated a “buy” rating on shares of Corning in a research note on Sunday, June 12th. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a research note on Monday. Finally, Standpoint Research cut Corning from a “buy” rating to a “hold” rating in a research note on Monday, June 13th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of C$21.98.
Corning Company Profile
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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