Corning (NYSE:GLW) Price Target Raised to $37.00 at JPMorgan Chase & Co.

Corning (NYSE:GLW) had its target price increased by JPMorgan Chase & Co. from $36.00 to $37.00 in a report issued on Wednesday morning, Benzinga reports. They currently have a neutral rating on the electronics maker’s stock.

Several other research firms also recently commented on GLW. Susquehanna restated a positive rating and set a $40.00 price objective on shares of Corning in a report on Monday, April 1st. UBS Group upped their price objective on shares of Corning from $34.00 to $35.00 and gave the stock a neutral rating in a report on Monday, April 8th. HSBC cut shares of Corning from a hold rating to a reduce rating and set a $29.00 price objective for the company. in a report on Thursday, February 1st. StockNews.com raised shares of Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Finally, Morgan Stanley reissued an overweight rating and set a $35.00 price objective on shares of Corning in a report on Monday, April 22nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Corning has an average rating of Hold and a consensus price target of $34.89.

Corning Stock Performance

NYSE:GLW opened at $33.72 on Wednesday. The firm has a market capitalization of $28.84 billion, a P/E ratio of 47.49, a P/E/G ratio of 1.70 and a beta of 1.07. Corning has a twelve month low of $25.26 and a twelve month high of $36.01. The company has a fifty day moving average of $32.34 and a 200-day moving average of $30.57. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.36 by $0.02. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business’s revenue was down 11.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.41 earnings per share. As a group, sell-side analysts anticipate that Corning will post 1.9 EPS for the current year.

Corning Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be given a $0.28 dividend. The ex-dividend date is Friday, May 31st. This represents a $1.12 annualized dividend and a yield of 3.32%. Corning’s dividend payout ratio is currently 157.75%.

Insider Buying and Selling at Corning

In related news, EVP Lewis A. Steverson sold 29,978 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now owns 31,294 shares in the company, valued at $1,034,266.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The disclosure for this sale can be found here. Insiders sold 119,988 shares of company stock worth $3,984,964 in the last quarter. 0.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Peoples Bank KS bought a new stake in Corning in the 3rd quarter valued at about $25,000. Access Investment Management LLC bought a new stake in shares of Corning in the first quarter valued at approximately $28,000. OFI Invest Asset Management purchased a new stake in shares of Corning during the 3rd quarter valued at approximately $25,000. Cape Investment Advisory Inc. boosted its holdings in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the period. Finally, SRS Capital Advisors Inc. boosted its holdings in Corning by 232.9% in the 3rd quarter. SRS Capital Advisors Inc. now owns 932 shares of the electronics maker’s stock worth $28,000 after buying an additional 652 shares during the period. Institutional investors own 69.80% of the company’s stock.

About Corning

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.