Corning (NYSE:GLW) Cut to Hold at StockNews.com

StockNews.com lowered shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a report published on Tuesday morning.

A number of other equities research analysts also recently weighed in on the company. Morgan Stanley boosted their target price on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. Barclays lowered their price target on Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 29th. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. UBS Group upped their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a report on Wednesday, October 30th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.00.

Corning Price Performance

Corning stock opened at $48.93 on Tuesday. The company has a market capitalization of $41.91 billion, a PE ratio of 84.35, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03. The business has a 50 day simple moving average of $50.12 and a 200 day simple moving average of $47.03. Corning has a one year low of $30.72 and a one year high of $55.33. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.62 and a quick ratio of 1.07.

Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.01. Corning had a return on equity of 15.10% and a net margin of 3.86%. On average, sell-side analysts forecast that Corning will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 28th. Stockholders of record on Friday, February 28th will be paid a $0.28 dividend. The ex-dividend date is Friday, February 28th. This represents a $1.12 annualized dividend and a dividend yield of 2.29%. Corning’s payout ratio is 193.10%.

Insider Buying and Selling

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The shares were sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Jefferies Financial Group Inc. grew its holdings in shares of Corning by 284.5% during the fourth quarter. Jefferies Financial Group Inc. now owns 115,963 shares of the electronics maker’s stock worth $5,511,000 after purchasing an additional 85,806 shares during the last quarter. Virtue Capital Management LLC lifted its stake in Corning by 6.6% in the fourth quarter. Virtue Capital Management LLC now owns 21,687 shares of the electronics maker’s stock valued at $1,031,000 after buying an additional 1,340 shares during the period. Leigh Baldwin & CO. LLC bought a new position in Corning during the fourth quarter worth $585,000. Garde Capital Inc. acquired a new stake in shares of Corning in the 4th quarter valued at about $100,000. Finally, Ameriflex Group Inc. acquired a new position in shares of Corning during the fourth quarter worth approximately $98,000. 69.80% of the stock is currently owned by institutional investors.

Corning Company Profile

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.