Shares of Corning Incorporated (NYSE:GLW) have been assigned an average rating of “Buy” from the eleven ratings firms that are covering the company, Marketbeat Ratings reports. Five equities research analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $34.73.
A number of equities research analysts have recently commented on the company. Susquehanna Bancshares restated a “neutral” rating and set a $30.00 target price (down from $40.00) on shares of Corning in a research report on Thursday, August 1st. S&P Equity Research cut Corning from a “positive” rating to a “neutral” rating and dropped their target price for the company from $40.00 to $30.00 in a research report on Thursday, August 1st. They noted that the move was a valuation call. Barclays assumed coverage on Corning in a research report on Wednesday, August 7th. They set an “overweight” rating and a $35.00 target price on the stock. Deutsche Bank set a $36.00 target price on Corning and gave the company a “buy” rating in a research report on Wednesday, July 31st. Finally, ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research report on Thursday, July 11th.
In related news, VP Christine M. Pambianchi sold 194,960 shares of the firm’s stock in a transaction dated Tuesday, June 18th. The shares were sold at an average price of $31.84, for a total value of $6,207,526.40. Following the transaction, the vice president now directly owns 66,369 shares of the company’s stock, valued at approximately $2,113,188.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Clark S. Kinlin sold 9,667 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total transaction of $270,095.98. Following the completion of the transaction, the insider now directly owns 70,648 shares in the company, valued at $1,973,905.12. The disclosure for this sale can be found here. Company insiders own 0.46% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLW. Nuveen Asset Management LLC lifted its stake in Corning by 6,470.7% in the 2nd quarter. Nuveen Asset Management LLC now owns 5,849,840 shares of the electronics maker’s stock worth $194,390,000 after purchasing an additional 5,760,811 shares in the last quarter. Morgan Stanley lifted its stake in Corning by 82.0% in the 2nd quarter. Morgan Stanley now owns 8,025,849 shares of the electronics maker’s stock worth $266,700,000 after purchasing an additional 3,614,848 shares in the last quarter. FMR LLC lifted its stake in Corning by 42.6% in the 1st quarter. FMR LLC now owns 9,490,362 shares of the electronics maker’s stock worth $314,131,000 after purchasing an additional 2,837,072 shares in the last quarter. Janus Henderson Group PLC lifted its stake in Corning by 29.1% in the 2nd quarter. Janus Henderson Group PLC now owns 9,386,825 shares of the electronics maker’s stock worth $311,923,000 after purchasing an additional 2,117,416 shares in the last quarter. Finally, Cannell Peter B & Co. Inc. lifted its stake in Corning by 1,247.2% in the 2nd quarter. Cannell Peter B & Co. Inc. now owns 1,683,950 shares of the electronics maker’s stock worth $55,958,000 after purchasing an additional 1,558,950 shares in the last quarter. 71.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE:GLW traded down $0.73 during trading on Friday, reaching $27.45. 4,644,494 shares of the company’s stock traded hands, compared to its average volume of 6,820,031. Corning has a fifty-two week low of $26.98 and a fifty-two week high of $36.56. The company has a quick ratio of 1.18, a current ratio of 1.85 and a debt-to-equity ratio of 0.54. The firm has a market cap of $21.78 billion, a PE ratio of 15.42, a P/E/G ratio of 1.41 and a beta of 1.16. The company has a 50-day simple moving average of $30.89 and a 200-day simple moving average of $32.40.
Corning (NYSE:GLW) last posted its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. Corning had a return on equity of 15.60% and a net margin of 12.78%. The firm had revenue of $2.94 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same period last year, the firm earned $0.38 EPS. The company’s quarterly revenue was up 7.0% on a year-over-year basis. On average, equities research analysts forecast that Corning will post 1.88 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Friday, August 30th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is presently 44.94%.
Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.
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