Shares of Corning Inc. (NYSE:GLW) reached a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $23.89 and last traded at $23.86, with a volume of 2,861,739 shares. The stock had previously closed at $23.41.
The newly announced dividend which will be paid on Thursday, December 15th. Investors of record on Thursday, November 17th will be given a dividend of $0.135 per share. This represents a $0.54 dividend on an annualized basis and a yield of 2.26%. Corning’s payout ratio is 29.51%.
GLW has been the topic of a number of analyst reports. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Citigroup Inc. lifted their price objective on Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Argus reiterated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a research report on Monday. Finally, Standpoint Research downgraded Corning from a “buy” rating to a “hold” rating in a research report on Monday, June 13th. Four equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of C$21.98.
The company has a market capitalization of $24.75 billion, a PE ratio of 13.15 and a beta of 1.34. The company has a 50-day moving average of $22.92 and a 200-day moving average of $21.20.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating the consensus estimate of $0.32 by $0.05. Corning had a return on equity of 9.65% and a net margin of 25.53%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period last year, the company posted $0.38 earnings per share. The firm’s revenue was up .7% compared to the same quarter last year. Equities analysts anticipate that Corning Inc. will post $1.42 earnings per share for the current fiscal year.
In other Corning news, VP Eric S. Musser sold 56,853 shares of the firm’s stock in a transaction dated Monday, August 1st. The stock was sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the transaction, the vice president now directly owns 25,693 shares of the company’s stock, valued at C$574,752.41. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Martin J. Curran sold 9,000 shares of the firm’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total value of C$196,740.00. Following the completion of the transaction, the vice president now directly owns 25,052 shares in the company, valued at C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors raised its position in Corning by 42.0% in the second quarter. Nationwide Fund Advisors now owns 568,392 shares of the company’s stock valued at $11,641,000 after buying an additional 167,983 shares during the period. Adage Capital Partners GP L.L.C. raised its position in Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock valued at $49,806,000 after buying an additional 1,360,200 shares during the period. Royal Bank of Canada raised its position in Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock valued at $64,534,000 after buying an additional 76,186 shares during the period. Cacti Asset Management LLC raised its position in Corning by 1.3% in the third quarter. Cacti Asset Management LLC now owns 1,737,148 shares of the company’s stock valued at $41,084,000 after buying an additional 21,750 shares during the period. Finally, Motley Fool Wealth Management LLC raised its position in Corning by 8.4% in the first quarter. Motley Fool Wealth Management LLC now owns 59,069 shares of the company’s stock valued at $1,234,000 after buying an additional 4,575 shares during the period. 73.63% of the stock is currently owned by institutional investors.
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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