Corning (GLW) – Investment Analysts’ Weekly Ratings Updates

Corning (NYSE: GLW) has recently received a number of price target changes and ratings updates:

  • 10/24/2018 – Corning had its price target lowered by analysts at Citigroup Inc from $40.00 to $38.00. They now have a “buy” rating on the stock.
  • 10/23/2018 – Corning was given a new $33.00 price target on by analysts at UBS Group AG. They now have a “hold” rating on the stock.
  • 10/23/2018 – Corning had its “buy” rating reaffirmed by analysts at Guggenheim. They now have a $41.00 price target on the stock. They wrote, “We continue to see GLW as one of the only companies in our universe with Y/Y comps dramatically better in 2H18E than 1H18. We estimate revs +14%Y/Y and EPS +26%Y/Y in 2H18E vs. +7%Y/Y and -8%Y/Y in 1H18, which is a trend we see continuing in 1H19E as well. And we see Q3’s report in line with our expectation for that re-acceleration to be driven by specific new capacity ramps across 1) 10.5G Display glass for BOE, 2) Optical fiber and 3) Auto filters.””
  • 10/22/2018 – Corning was upgraded by analysts at Zacks Investment Research from a “hold” rating to a “buy” rating. They now have a $34.00 price target on the stock. According to Zacks, “Corning is a leading innovator in the glass substrate industry. The company continues to benefit from strength in its Optical Communications, Environmental Technologies and Life Sciences business. Solid demand for Gorilla Glass 5 and fiber optics products remain key catalyst. The company introduced Corning Gorilla Glass 6 to provide the toughest cover glass available for consumer mobile devices. Corning has been developing formulations that are not only suitable for imparting superior picture quality, but also taking care of their effects on the environment. Management’s aim to return value to shareholders through share repurchases and dividends is encouraging. The stock has outperformed the industry in the past three months on an average. However, building a significant position in China in the prevailing economic and political environment will be challenging for the company given the ongoing trade war between the two nations.”
  • 9/26/2018 – Corning was given a new $36.00 price target on by analysts at UBS Group AG. They now have a “hold” rating on the stock.
  • 9/25/2018 – Corning was downgraded by analysts at Zacks Investment Research from a “buy” rating to a “hold” rating. According to Zacks, “Corning continues to benefit from strength in its Optical Communications, Environmental Technologies and Life Sciences business. Solid demand for Gorilla Glass 5 and fiber optics products remain key catalyst. The company introduced its latest innovation in glass technology, Corning Gorilla Glass 6, to provide the toughest cover glass available for consumer mobile devices. This will likely be a major top-line growth driver for the company in coming quarters. The company outperformed the industry in the past three months on an average. However, the company faces price erosion of 1-2% per quarter in the Display business which remains a drag on margins, despite an improving demand situation. Building a significant position in China in the prevailing economic and political environment will be challenging for the company given the ongoing trade war between the two nations. Manufacturing inefficiencies remain a perennial concern for the company.”
  • 9/20/2018 – Corning had its price target raised by analysts at Argus from $36.00 to $42.00. They now have a “positive” rating on the stock.
  • 9/14/2018 – Corning was upgraded by analysts at Citigroup Inc from a “neutral” rating to a “buy” rating. They now have a $40.00 price target on the stock, up previously from $32.50.

NYSE:GLW traded up $0.46 on Wednesday, reaching $33.84. The stock had a trading volume of 149,346 shares, compared to its average volume of 7,841,126. The firm has a market cap of $26.34 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 2.12 and a beta of 1.28. The company has a current ratio of 2.13, a quick ratio of 1.51 and a debt-to-equity ratio of 0.43. Corning Incorporated has a 12-month low of $26.11 and a 12-month high of $36.56.

Corning (NYSE:GLW) last released its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.48 by $0.03. The company had revenue of $3.01 billion for the quarter, compared to analyst estimates of $2.99 billion. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The firm’s quarterly revenue was up 15.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.40 EPS. On average, equities research analysts forecast that Corning Incorporated will post 1.77 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Friday, November 16th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, November 15th. This represents a $0.72 dividend on an annualized basis and a yield of 2.13%. Corning’s dividend payout ratio (DPR) is 41.86%.

In other news, VP Christine M. Pambianchi sold 10,000 shares of the stock in a transaction dated Tuesday, September 4th. The shares were sold at an average price of $33.42, for a total transaction of $334,200.00. Following the transaction, the vice president now directly owns 50,403 shares in the company, valued at approximately $1,684,468.26. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 30,667 shares of the stock in a transaction dated Thursday, September 20th. The stock was sold at an average price of $36.18, for a total transaction of $1,109,532.06. Following the transaction, the insider now owns 146,049 shares in the company, valued at $5,284,052.82. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,892 shares of company stock worth $2,087,018. 0.46% of the stock is owned by insiders.

Several hedge funds have recently made changes to their positions in GLW. TRUE Private Wealth Advisors purchased a new position in shares of Corning during the 3rd quarter worth about $100,000. NEXT Financial Group Inc acquired a new stake in Corning during the 3rd quarter worth approximately $117,000. Migdal Insurance & Financial Holdings Ltd. increased its position in Corning by 16,371.4% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 4,612 shares of the electronics maker’s stock worth $127,000 after purchasing an additional 4,584 shares in the last quarter. City Holding Co. acquired a new stake in Corning during the 2nd quarter worth approximately $137,000. Finally, Smithfield Trust Co. increased its position in Corning by 55.0% during the 2nd quarter. Smithfield Trust Co. now owns 5,712 shares of the electronics maker’s stock worth $157,000 after purchasing an additional 2,028 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Corning Incorporated manufactures and sells specialty glasses, ceramics, and related materials in North America, the Asia Pacific, Europe, and internationally. The company operates through five segments: Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, and Life Sciences.

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