Corning (NYSE:GLW) had its price objective hoisted by Citigroup from $32.00 to $35.00 in a research note released on Wednesday, The Fly reports. Citigroup currently has a buy rating on the electronics maker’s stock.
A number of other equities analysts have also commented on the company. Barclays lowered Corning from an overweight rating to an equal weight rating and lowered their price objective for the stock from $26.00 to $22.00 in a research note on Wednesday, April 29th. JPMorgan Chase & Co. upgraded Corning from a neutral rating to an overweight rating and raised their price objective for the stock from $25.00 to $36.00 in a research note on Thursday, July 16th. Susquehanna Bancshares restated a hold rating and set a $26.00 price objective on shares of Corning in a research note on Tuesday, July 28th. Oppenheimer assumed coverage on Corning in a research note on Tuesday, July 28th. They set a hold rating on the stock. Finally, Morgan Stanley raised their price objective on Corning from $24.00 to $26.00 and gave the stock an equal weight rating in a research note on Wednesday, June 10th. Nine analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Corning has a consensus rating of Hold and a consensus target price of $31.90.
NYSE:GLW opened at $31.00 on Wednesday. The stock has a market cap of $23.59 billion, a P/E ratio of 310.03, a PEG ratio of 13.89 and a beta of 1.10. The stock has a 50 day simple moving average of $27.43 and a 200 day simple moving average of $24.73. The company has a current ratio of 2.27, a quick ratio of 1.44 and a debt-to-equity ratio of 0.79. Corning has a 1-year low of $17.44 and a 1-year high of $31.82.
Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 28th. The electronics maker reported $0.25 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.12 by $0.13. The business had revenue of $2.60 billion during the quarter, compared to analysts’ expectations of $2.41 billion. Corning had a return on equity of 11.59% and a net margin of 1.89%. The firm’s revenue for the quarter was down 11.6% compared to the same quarter last year. During the same period last year, the firm posted $0.45 EPS. As a group, sell-side analysts forecast that Corning will post 1.2 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Friday, August 28th will be paid a $0.22 dividend. The ex-dividend date is Thursday, August 27th. This represents a $0.88 annualized dividend and a dividend yield of 2.84%. Corning’s payout ratio is 50.00%.
In related news, EVP Clark S. Kinlin sold 28,840 shares of the firm’s stock in a transaction on Friday, July 31st. The stock was sold at an average price of $30.80, for a total transaction of $888,272.00. Following the sale, the executive vice president now owns 80,881 shares of the company’s stock, valued at approximately $2,491,134.80. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Vice Chairman Lawrence D. Mcrae sold 28,994 shares of the firm’s stock in a transaction on Wednesday, July 29th. The shares were sold at an average price of $31.67, for a total value of $918,239.98. Following the sale, the insider now directly owns 169,128 shares in the company, valued at approximately $5,356,283.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 186,762 shares of company stock worth $5,812,645. Corporate insiders own 0.47% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. First Command Bank boosted its holdings in shares of Corning by 49.4% during the 2nd quarter. First Command Bank now owns 1,164 shares of the electronics maker’s stock valued at $30,000 after acquiring an additional 385 shares in the last quarter. Bonness Enterprises Inc. boosted its holdings in shares of Corning by 0.7% during the 2nd quarter. Bonness Enterprises Inc. now owns 56,400 shares of the electronics maker’s stock valued at $1,461,000 after acquiring an additional 400 shares in the last quarter. Barry Investment Advisors LLC boosted its holdings in shares of Corning by 3.5% during the 2nd quarter. Barry Investment Advisors LLC now owns 13,480 shares of the electronics maker’s stock valued at $349,000 after acquiring an additional 451 shares in the last quarter. Guardian Investment Management boosted its holdings in shares of Corning by 3.6% during the 2nd quarter. Guardian Investment Management now owns 14,500 shares of the electronics maker’s stock valued at $376,000 after acquiring an additional 500 shares in the last quarter. Finally, NBT Bank N A NY boosted its holdings in shares of Corning by 1.6% during the 2nd quarter. NBT Bank N A NY now owns 31,951 shares of the electronics maker’s stock valued at $827,000 after acquiring an additional 500 shares in the last quarter. 72.96% of the stock is currently owned by institutional investors.
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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