Corning (GLW) Dividend Hike a Welcome Positive Step - Barclays
Tweet
Share
E-mailGet Alerts GLW Hot Sheet
Price: $173.21 +4.35%
Rating Summary:
16 Buy, 12 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Rating Summary:
16 Buy, 12 Hold, 2 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 12 | Down: 23 | New: 22
Join SI Premium – FREE
Barclays maintained an Overweight rating on Corning (NYSE: GLW) and a price target of $14.00.
This morning Corning increased its dividend 20 percent, a step Barclay's views as a "welcomed positive step in increasing returns and solidifying management's commitment towards initiatives focused on shareholder returns."
"While a 20% hike is lighter than last year's 50% increase (which also included a $1.5 billion buyback), Corning has plenty of dry powder left to pursue additional initiatives as well," said analysts.
Analyst also think that Corning's 3Q call later this month should underline improving supply side fundamentals.
"Given improving supply-side fundaments, valuation of near book value, and a now solidified increased dividend payout, we retain our Overweight rating on the shares," said analysts.
For an analyst ratings summary and ratings history on Corning click here. For more ratings news on Corning click here.
Shares of Corning closed at $13.38 yesterday.
This morning Corning increased its dividend 20 percent, a step Barclay's views as a "welcomed positive step in increasing returns and solidifying management's commitment towards initiatives focused on shareholder returns."
"While a 20% hike is lighter than last year's 50% increase (which also included a $1.5 billion buyback), Corning has plenty of dry powder left to pursue additional initiatives as well," said analysts.
Analyst also think that Corning's 3Q call later this month should underline improving supply side fundamentals.
"Given improving supply-side fundaments, valuation of near book value, and a now solidified increased dividend payout, we retain our Overweight rating on the shares," said analysts.
For an analyst ratings summary and ratings history on Corning click here. For more ratings news on Corning click here.
Shares of Corning closed at $13.38 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Canaccord Downgrades York Space Systems (YSS) to Hold, 'Supply chain and contract timing uncertainty'
- York Space Systems (YSS) PT Lowered to $15 at Jefferies
- Stifel on Bally's Corp (BALY): 'expect shares to continue to trade mainly on development project cost & financing updates'
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS ViewRelated Entities
Barclays, DividendSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
