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Tangible (Book Value) Results

Corning continues to be the most intriguing company in the group. Trading at just 11 times the average earnings estimate for 2014, the stock yields 2.4%, and the company has raised the dividend three times in the past two years. Furthermore, the strong balance sheet, with $5.4 billion, or $3.76 per share, in cash and short-term investments can support further dividend increases. The company has also been buying back stock, and has reduced shares outstanding by more than 7% since year-end 2011. At the end of last quarter, total debt stood at just $2.8 billion. GLW Chart GLW data by YCharts

I'll publish a new list of companies trading below tangible book value next week, although, given the markets run-up, I expect the pickings to be rather slim.

At the time of publication, the author was long Corning.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

Jonathan Heller, CFA, is president of KEJ Financial Advisors, his fee-only financial planning company. Jon spent 17 years at Bloomberg Financial Markets in various roles, from 1989 until 2005. He ran Bloomberg's Equity Fundamental Research Department from 1994 until 1998, when he assumed responsibility for Bloomberg's Equity Data Research Department. In 2001, he joined Bloomberg's Publishing group as senior markets editor and writer for Bloomberg Personal Finance Magazine, and an associate editor and contributor for Bloomberg Markets Magazine. In 2005, he joined SEI Investments as director of investment communications within SEI's Investment Management Unit.

Jon is also the founder of the Cheap Stocks Web site, a site dedicated to deep-value investing. He has an undergraduate degree from Grove City College and an MBA from Rider University, where he has also served on the adjunct faculty; he is also a CFA charter holder.

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