Corning (GLW) Declares $0.28 Dividend

Corning said on February 8, 2023 that its board of directors declared a regular quarterly dividend of $0.28 per share ($1.12 annualized). Shareholders of record as of February 27, 2023 will receive the payment on March 30, 2023. Previously, the company paid $0.27 per share.

At the current share price of $35.25 / share, the stock's dividend yield is 3.18%. Looking back five years and taking a sample every week, the average dividend yield has been 2.73%, the lowest has been 2.02%, and the highest has been 4.96%. The standard deviation of yields is 0.51 (n=237).

The current dividend yield is 0.88 standard deviations above the historical average.

Additionally, the company's dividend payout ratio is 0.68. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

The company's 3-Year dividend growth rate is 0.23%, demonstrating that it has increased its dividend over time.

Analyst Price Forecast Suggests 9.58% Upside

As of February 11, 2023, the average one-year price target for Corning is $38.63. The forecasts range from a low of $32.32 to a high of $44.10. The average price target represents an increase of 9.58% from its latest reported closing price of $35.25.

The projected annual revenue for Corning is $15,364MM, an increase of 8.28%. The projected annual EPS is $2.29, an increase of 46.55%.

What is the Fund Sentiment?

There are 1931 funds or institutions reporting positions in Corning. This is an increase of 38 owner(s) or 2.01% in the last quarter. Average portfolio weight of all funds dedicated to GLW is 0.25%, a decrease of 5.08%. Total shares owned by institutions decreased in the last three months by 0.63% to 661,185K shares. The put/call ratio of GLW is 0.34, indicating a bullish outlook.

What are large shareholders doing?

Wellington Management Group Llp holds 34,450K shares representing 4.19% ownership of the company. In it's prior filing, the firm reported owning 33,424K shares, representing an increase of 2.98%. The firm increased its portfolio allocation in GLW by 0.40% over the last quarter.

VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 22,686K shares representing 2.76% ownership of the company. In it's prior filing, the firm reported owning 22,389K shares, representing an increase of 1.31%. The firm decreased its portfolio allocation in GLW by 2.72% over the last quarter.

VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 17,528K shares representing 2.13% ownership of the company. In it's prior filing, the firm reported owning 17,499K shares, representing an increase of 0.17%. The firm decreased its portfolio allocation in GLW by 3.55% over the last quarter.

VFINX - Vanguard 500 Index Fund Investor Shares holds 17,246K shares representing 2.10% ownership of the company. In it's prior filing, the firm reported owning 16,821K shares, representing an increase of 2.46%. The firm decreased its portfolio allocation in GLW by 2.36% over the last quarter.

Jpmorgan Chase & holds 15,779K shares representing 1.92% ownership of the company. In it's prior filing, the firm reported owning 16,873K shares, representing a decrease of 6.93%. The firm decreased its portfolio allocation in GLW by 11.22% over the last quarter.

Corning Background Information
(This description is provided by the company.)

Corning is one of the world's leading innovators in materials science, with a 169-year track record of life-changing inventions. Corning applies its unparalleled expertise in glass science, ceramic science, and optical physics along with its deep manufacturing and engineering capabilities to develop category-defining products that transform industries and enhance people's lives. Corning succeeds through sustained investment in RD&E, a unique combination of material and process innovation, and deep, trust-based relationships with customers who are global leaders in their industries. Corning's capabilities are versatile and synergistic, which allows the company to evolve to meet changing market needs, while also helping our customers capture new opportunities in dynamic industries. Today, Corning's markets include optical communications, mobile consumer electronics, display, automotive, and life sciences.

This story originally appeared on Fintel.