Jefferies Financial Group started coverage on shares of Corning (NYSE:GLW – Free Report) in a report released on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $134.00 price target on the electronics maker’s stock.
Other equities analysts have also issued research reports about the company. JPMorgan Chase & Co. reduced their price objective on Corning from $170.00 to $165.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 21st. China Renaissance upgraded Corning from a “hold” rating to a “buy” rating and set a $238.00 target price for the company in a research note on Tuesday, September 8th. Barclays lifted their price target on Corning from $129.00 to $132.00 and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Sanford C. Bernstein cut their price target on Corning from $140.00 to $120.00 and set a “market perform” rating for the company in a report on Monday. Finally, Oppenheimer reduced their price target on shares of Corning from $230.00 to $200.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $172.18.
Corning Stock Up 7.5%
Shares of GLW opened at $120.56 on Wednesday. The company has a market capitalization of $103.85 billion, a P/E ratio of 36.06, a PEG ratio of 1.38 and a beta of 1.23. Corning has a one year low of $77.39 and a one year high of $271.78. The business’s 50 day simple moving average is $142.58 and its 200-day simple moving average is $155.89. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.72 and a quick ratio of 1.17.
Corning (NYSE:GLW – Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The electronics maker reported $0.91 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.03. Corning had a return on equity of 20.83% and a net margin of 12.13%. The firm had revenue of $5.08 billion during the quarter, compared to analysts’ expectations of $5.03 billion. During the same period last year, the firm posted $0.67 EPS. The business’s revenue was up 18.9% on a year-over-year basis. As a group, sell-side analysts predict that Corning will post 3.38 EPS for the current fiscal year.
Corning Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 11th. Shareholders of record on Friday, November 13th will be paid a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 13th. This represents a $1.12 dividend on an annualized basis and a yield of 0.9%. Corning’s dividend payout ratio (DPR) is presently 45.34%.
Insider Transactions at Corning
In other Corning news, EVP Lewis Steverson sold 13,100 shares of Corning stock in a transaction on Friday, August 28th. The shares were sold at an average price of $151.29, for a total transaction of $1,981,899.00. Following the completion of the sale, the executive vice president owned 15,052 shares of the company’s stock, valued at approximately $2,277,217.08. The trade was a 46.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.25% of the company’s stock.
Institutional Inflows and Outflows
A number of large investors have recently made changes to their positions in the stock. Western Pacific Wealth Management LP bought a new position in shares of Corning in the 3rd quarter worth $25,000. Kings Path Partners LLC bought a new stake in Corning in the third quarter valued at about $25,000. Atwood & Palmer Inc. bought a new stake in Corning in the second quarter valued at about $26,000. Rogco LP bought a new stake in Corning in the second quarter valued at about $27,000. Finally, Toth Financial Advisory Corp lifted its stake in Corning by 130.7% in the third quarter. Toth Financial Advisory Corp now owns 173 shares of the electronics maker’s stock valued at $27,000 after buying an additional 98 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.
More Corning News
Here’s some of the latest news about GLW:
- Positive Sentiment: Jefferies initiated coverage with a Buy rating and a $134 price target, citing strong demand for optical fiber as AI data centers expand. The new coverage appears to be the clearest near-term catalyst for the shares. Corning stock jumps as Jefferies sees AI fiber demand driving growth
- Positive Sentiment: Recent analysis highlighted Corning’s multiyear, multibillion-dollar optical agreements with Verizon and AT&T, expansion of U.S. solar manufacturing, and net share inflows into ETFs. These developments support its positioning in AI infrastructure and domestic clean-energy supply chains. How Investors May Respond To Corning (GLW) ETF Buying And AI Demand
- Negative Sentiment: A broader pullback in the AI “picks-and-shovels” trade could weigh on sentiment toward Corning, even as the company benefits from demand for data-center fiber. Corning to Caterpillar: The AI ‘picks and shovels’ trade caves in
Corning Company Profile
Corning Incorporated is a materials science and technology company with roots dating to 1851, when it was established as Corning Glass Works. The company develops and manufactures specialty glass, ceramics and optical materials for customers in a range of industries. Its products include optical fiber, cable and connectivity solutions for communications networks; glass substrates used in display technologies; and specialty glass such as Gorilla Glass for consumer electronics. Corning also makes ceramic substrates and filters for emissions-control systems, as well as glassware and other products for life sciences and laboratory use.
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