Barclays Maintains an 'Overweight' on Corning (GLW); A Positive Use of Excess Cash
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Price: $151.45 -0.66%
Rating Summary:
16 Buy, 12 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
16 Buy, 12 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Barclays maintains an 'Overweight' on Corning (NYSE: GLW) price target of $18.00.
Barclays analyst says, "We consider Corning's announcement of both an increase in its dividend and a sizeable share repurchase program a positive. The announcement should alleviate what has been a source of criticism by some investors and provides a first step towards a more proactive use of its balance sheet. Given its current cash balance and our expectations for future cash generation, we believe that Corning has sufficient resources to support not only these initiatives, but also additional measures down the line."
"Increased Dividend and a Buyback: Corning announced a two-part strategy in
putting its excess cash balance to use. Management is increasing its annual
dividend by 50% from $0.20 to $0.30 as well as authorizing a $1.5 billion buyback program. With a net cash balance of ~$4.0B, Corning has sufficient resources to implement both initiatives."
For more ratings news on Corning click here and for the rating history of Corning click here.
Shares of Corning closed at $12.60 yesterday.
Barclays analyst says, "We consider Corning's announcement of both an increase in its dividend and a sizeable share repurchase program a positive. The announcement should alleviate what has been a source of criticism by some investors and provides a first step towards a more proactive use of its balance sheet. Given its current cash balance and our expectations for future cash generation, we believe that Corning has sufficient resources to support not only these initiatives, but also additional measures down the line."
"Increased Dividend and a Buyback: Corning announced a two-part strategy in
putting its excess cash balance to use. Management is increasing its annual
dividend by 50% from $0.20 to $0.30 as well as authorizing a $1.5 billion buyback program. With a net cash balance of ~$4.0B, Corning has sufficient resources to implement both initiatives."
For more ratings news on Corning click here and for the rating history of Corning click here.
Shares of Corning closed at $12.60 yesterday.
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