Corning Inc. shares rose 2.7% Wednesday, after the specialty glass company raised its quarterly dividend and unveiled a new share buyback program. Corning said it's raising its dividend by 20% to 12 cents a share. The new dividend will be paid on March 31, 2015, to shareholders of record as of Feb. 27. The company's board approved a new $1.5 billion share buyback program, which will expire at the end of 2016. "We expect to increase dividends commensurate with improvements in future operating performance, and to devote our future excess free cash flow to additional share repurchase programs," Chief Executive Wendell Weeks said in a statement. Shares have gained 21% in the year so far, outperforming the S&P 500's 12% gain.
Copyright © 2014 MarketWatch, Inc.