Cross Research lowered shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a research note released on Tuesday morning, BenzingaRatingsTable reports.
GLW has been the topic of a number of other reports. S&P Equity Research downgraded shares of Corning from a positive rating to a neutral rating and reduced their target price for the stock from $40.00 to $30.00 in a research note on Thursday, August 1st. They noted that the move was a valuation call. ValuEngine downgraded shares of Corning from a buy rating to a hold rating in a research note on Thursday, July 11th. Zacks Investment Research raised shares of Corning from a sell rating to a hold rating and set a $30.00 target price on the stock in a research note on Friday, September 6th. Barclays started coverage on shares of Corning in a research note on Wednesday, August 7th. They set an overweight rating and a $35.00 target price on the stock. Finally, Deutsche Bank set a $36.00 target price on shares of Corning and gave the stock a buy rating in a research note on Wednesday, July 31st. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $34.73.
Shares of GLW stock opened at $27.60 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 1.85 and a quick ratio of 1.18. The firm’s 50-day moving average is $28.32 and its two-hundred day moving average is $31.63. Corning has a 12 month low of $26.78 and a 12 month high of $36.56. The company has a market capitalization of $22.04 billion, a PE ratio of 15.51, a price-to-earnings-growth ratio of 1.51 and a beta of 1.18.
Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.45 EPS for the quarter, topping analysts’ consensus estimates of $0.44 by $0.01. Corning had a net margin of 12.78% and a return on equity of 15.60%. The company had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same period in the previous year, the firm earned $0.38 earnings per share. Corning’s quarterly revenue was up 7.0% compared to the same quarter last year. Sell-side analysts forecast that Corning will post 1.75 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders 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 dividend yield of 2.90%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s dividend payout ratio (DPR) is 44.94%.
In other news, insider Clark S. Kinlin sold 9,667 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $27.94, for a total value of $270,095.98. Following the sale, the insider now directly owns 70,648 shares of the company’s stock, valued at approximately $1,973,905.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.46% of the stock is currently owned by insiders.
Several institutional investors have recently added to or reduced their stakes in GLW. Manchester Financial Inc. purchased a new stake in shares of Corning in the 2nd quarter valued at approximately $29,000. TRUE Private Wealth Advisors purchased a new stake in shares of Corning in the 2nd quarter valued at approximately $31,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Corning in the 2nd quarter valued at approximately $33,000. Thor Advisors LLC purchased a new stake in shares of Corning in the 1st quarter valued at approximately $35,000. Finally, SRS Capital Advisors Inc. purchased a new stake in shares of Corning in the 2nd quarter valued at approximately $35,000. 71.14% of the stock is currently owned by institutional investors and hedge funds.
Corning Company Profile
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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