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.
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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.