Corning Inc. (GLW) will raise its quarterly dividend by 9.1 percent to 24 cents per share in 2021. This follows a dividend hike of 10.0 percent to $0.22 per share in the first quarter of 2020. Corning has now raised its dividend eleven consecutive years.

The next dividend is payable on March 30, 2021, to shareholders of record on February 26, 2021. The new annual dividend rate of 96 cents per share  yields 2.6% at a stock price of $36.34.

In the company's press release announcing this new dividend hike Tony Tripeny, executive vice president and chief financial officer, noted, “Our fundamental approach to capital allocation remains the same. We continue to focus our portfolio and utilize our financial strength. We generate strong operating cash flow, and we expect that to continue going forward. We will continue to use our cash to grow, extend our leadership, and reward shareholders. This dividend reflects Corning’s confidence in our future.”

Corning will now pay an estimated $733 million in dividends to shareholders annually. 

Corning Incorporated is a manufacturer of specialty glass and ceramics. Corning's products include damage-resistant cover glass for smartphones and tablets; precision glass for advanced displays; optical fiber, wireless technologies, and connectivity solutions for high-speed communications networks; trusted products that accelerate drug discovery and manufacturing; and emissions-control products for cars, trucks, and off-road vehicles.