NEW YORK (TheStreet) -- Corning (GLW) - Get Free Report stock is increasing by 5.25% to $18.23 on heavy trading volume on Tuesday, after the company announced plans to return more than $10 billion to shareholders through a $4 billion share repurchase program and dividend growth.
The display screen manufacturer expects to increase its dividend by at least 10% a year through 2019.
Corning also plans to invest $10 billion over the next four years in research, development and engineering, capital spending, and merger and acquisition opportunities.
Additionally, the company reported its 2015 third quarter financial results before the market open this morning.
Corning posted earnings of 34 cents per share for the latest quarter, in line with estimates, but revenue fell 5% year-over-year to $2.45 billion, missing estimates of $2.5 billion.
"We are pleased with the improving pricing environment for LCD glass, and the strong industry acceptance of Corning Gorilla Glass 4, which is growing faster than we anticipated," CFO R. Tony Tripeny said in a statement.
Separately, TheStreet Ratings team rates CORNING INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate CORNING INC (GLW) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, notable return on equity, expanding profit margins and impressive record of earnings per share growth. We feel its strengths outweigh the fact that the company shows weak operating cash flow.
You can view the full analysis from the report here: GLW