Corning (NYSE:GLW) Stock Price Up 2.5% Following Analyst Upgrade

Corning Incorporated (NYSE:GLWGet Free Report)’s share price was up 2.5% during mid-day trading on Tuesday after Hsbc Global Res upgraded the stock from a moderate sell rating to a hold rating. The company traded as high as $44.26 and last traded at $44.13. Approximately 864,304 shares were traded during trading, a decline of 85% from the average daily volume of 5,597,502 shares. The stock had previously closed at $43.05.

Several other research analysts have also commented on the company. UBS Group lifted their price target on Corning from $38.00 to $44.00 and gave the stock a “neutral” rating in a report on Tuesday. Mizuho raised their target price on shares of Corning from $36.00 to $42.00 and gave the company a “neutral” rating in a report on Tuesday, June 18th. Fox Advisors raised shares of Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective on the stock in a report on Monday, June 17th. Susquehanna restated a “positive” rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Finally, Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Corning from $39.00 to $46.00 and gave the company a “hold” rating in a research report on Tuesday. Eight analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $42.92.

Get Our Latest Research Report on GLW

Insider Transactions at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at approximately $2,141,699.20. The disclosure for this sale can be found here. Insiders sold 175,207 shares of company stock valued at $5,876,067 in the last 90 days. 0.45% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wellington Management Group LLP increased its stake in shares of Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of Corning by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after acquiring an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Corning by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after acquiring an additional 146,807 shares during the last quarter. Norges Bank acquired a new position in shares of Corning during the 4th quarter valued at about $247,721,000. Finally, FIL Ltd increased its stake in shares of Corning by 1.5% during the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock valued at $218,609,000 after acquiring an additional 105,994 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

Corning Stock Performance

The stock’s 50 day moving average price is $37.36 and its 200 day moving average price is $33.73. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. The company has a market cap of $38.96 billion, a price-to-earnings ratio of 64.06, a P/E/G ratio of 1.85 and a beta of 1.05.

Corning (NYSE:GLWGet Free Report) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The business had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the previous year, the business earned $0.41 EPS. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. On average, analysts expect that Corning Incorporated will post 1.91 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.46%. The ex-dividend date is Thursday, August 29th. Corning’s payout ratio is currently 157.75%.

About Corning

(Get Free Report)

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.

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