Zacks Investment Research cut shares of Corning Incorporated (NYSE:GLW) from a hold rating to a sell rating in a report issued on Friday.
According to Zacks, “Corning is facing weakness in the Display segment that remains a headwind, which can drag down returns in the rest of 2017. The company also faces price erosion in the same segment. Further, a slowdown in the demand for tablets is a negative as well. Corning has underperformed the industry on a year-to-date basis. Notably, estimates have been going down ahead of the company’s Q3 earnings release. However, strong demand for the company’s fiber-optic products among North American carriers like Verizon is a growth driver. Moreover, the company remains focused on expanding its footprint in the automotive market driven by gas particulate filters (GPFs) and a Gorilla-sized automotive glass business. “
A number of other analysts have also weighed in on GLW. Guggenheim reaffirmed a buy rating and issued a $35.00 price objective on shares of Corning in a research note on Tuesday, August 15th. BidaskClub lowered shares of Corning from a strong-buy rating to a buy rating in a research note on Monday, July 31st. Susquehanna Bancshares Inc reaffirmed a positive rating on shares of Corning in a research note on Thursday, July 13th. Jefferies Group LLC reaffirmed a hold rating and issued a $29.50 price objective on shares of Corning in a research note on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) downgraded shares of Corning from a neutral rating to a sell rating and reduced their target price for the stock from $29.00 to $26.00 in a report on Tuesday, August 15th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Corning has a consensus rating of Hold and an average target price of $28.90.
Corning (GLW) opened at 30.06 on Friday. The company has a market capitalization of $27.15 billion, a price-to-earnings ratio of 13.43 and a beta of 1.38. The company has a 50 day moving average of $29.70 and a 200 day moving average of $29.28. Corning has a 52 week low of $22.23 and a 52 week high of $32.17.
Corning (NYSE:GLW) last released its quarterly earnings data on Wednesday, July 26th. The electronics maker reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The company had revenue of $2.59 billion during the quarter, compared to analyst estimates of $2.54 billion. During the same period in the prior year, the firm earned $0.37 earnings per share. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. On average, equities analysts forecast that Corning will post $1.69 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Thursday, November 16th will be issued a dividend of $0.155 per share. The ex-dividend date of this dividend is Wednesday, November 15th. This represents a $0.62 annualized dividend and a dividend yield of 2.06%. Corning’s dividend payout ratio (DPR) is currently 27.93%.
In other news, insider Clark S. Kinlin sold 46,763 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $28.53, for a total transaction of $1,334,148.39. Following the transaction, the insider now owns 72,039 shares in the company, valued at $2,055,272.67. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Christine M. Pambianchi sold 33,000 shares of the company’s stock in a transaction dated Tuesday, August 29th. The shares were sold at an average price of $28.56, for a total transaction of $942,480.00. Following the transaction, the vice president now owns 73,145 shares in the company, valued at approximately $2,089,021.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 127,888 shares of company stock worth $3,653,485. Corporate insiders own 0.59% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of GLW. Waldron LP boosted its position in Corning by 72.6% in the first quarter. Waldron LP now owns 14,986 shares of the electronics maker’s stock valued at $376,000 after buying an additional 6,303 shares during the last quarter. United Bank Inc. boosted its position in Corning by 7.6% in the first quarter. United Bank Inc. now owns 22,464 shares of the electronics maker’s stock valued at $607,000 after buying an additional 1,589 shares during the last quarter. United Bank VA purchased a new stake in Corning in the first quarter valued at approximately $1,890,000. Ifrah Financial Services Inc. boosted its position in Corning by 2.1% in the first quarter. Ifrah Financial Services Inc. now owns 16,334 shares of the electronics maker’s stock valued at $441,000 after buying an additional 341 shares during the last quarter. Finally, San Francisco Sentry Investment Group CA purchased a new stake in Corning in the first quarter valued at approximately $372,000. Hedge funds and other institutional investors own 71.29% of the company’s stock.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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