Corning (NYSE:GLW) Downgraded by StockNews.com

StockNews.com downgraded shares of Corning (NYSE:GLWGet Rating) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.

A number of other equities research analysts also recently issued reports on the stock. Susquehanna Bancshares reduced their price objective on shares of Corning from $48.00 to $46.00 and set a positive rating for the company in a research report on Wednesday, July 27th. JPMorgan Chase & Co. decreased their target price on shares of Corning from $45.00 to $41.00 and set an overweight rating on the stock in a research report on Thursday, July 14th. Credit Suisse Group began coverage on shares of Corning in a report on Tuesday, August 16th. They issued a neutral rating and a $36.00 price target on the stock. Barclays cut shares of Corning from an overweight rating to an equal weight rating and lowered their price target for the company from $53.00 to $38.00 in a research report on Wednesday, May 11th. Finally, UBS Group reduced their target price on Corning to $40.00 and set an outperform rating for the company in a report on Wednesday, July 27th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $42.18.

Corning Stock Down 2.1 %

GLW opened at $33.15 on Wednesday. The stock’s fifty day moving average is $34.50 and its 200-day moving average is $35.62. The company has a debt-to-equity ratio of 0.56, a quick ratio of 0.91 and a current ratio of 1.43. Corning has a one year low of $30.63 and a one year high of $43.47. The company has a market capitalization of $28.02 billion, a PE ratio of 14.23, a P/E/G ratio of 2.37 and a beta of 0.99.

Corning (NYSE:GLWGet Rating) last issued its quarterly earnings data on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a return on equity of 15.38% and a net margin of 13.73%. The business had revenue of $3.76 billion for the quarter, compared to the consensus estimate of $3.79 billion. During the same quarter last year, the business posted $0.53 EPS. The firm’s revenue was up 7.4% compared to the same quarter last year. On average, equities analysts predict that Corning will post 2.23 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 29th. Investors of record on Wednesday, August 31st will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Tuesday, August 30th. Corning’s dividend payout ratio is presently 46.35%.

Insider Activity at Corning

In other Corning news, SVP John P. Bayne, Jr. sold 5,575 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $36.70, for a total value of $204,602.50. Following the transaction, the senior vice president now owns 7,345 shares in the company, valued at approximately $269,561.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.36% of the stock is owned by insiders.

Institutional Trading of Corning

Large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in shares of Corning by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 92,746,889 shares of the electronics maker’s stock worth $3,423,287,000 after acquiring an additional 671,480 shares during the period. BlackRock Inc. increased its position in shares of Corning by 0.7% during the 1st quarter. BlackRock Inc. now owns 54,112,594 shares of the electronics maker’s stock worth $1,997,293,000 after purchasing an additional 384,619 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Corning by 37.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 20,008,558 shares of the electronics maker’s stock worth $630,470,000 after purchasing an additional 5,451,525 shares in the last quarter. Geode Capital Management LLC increased its position in Corning by 7.1% in the 4th quarter. Geode Capital Management LLC now owns 14,305,409 shares of the electronics maker’s stock valued at $531,311,000 after acquiring an additional 943,020 shares in the last quarter. Finally, Northern Trust Corp increased its position in Corning by 2.2% in the 2nd quarter. Northern Trust Corp now owns 11,763,672 shares of the electronics maker’s stock valued at $370,673,000 after acquiring an additional 254,599 shares in the last quarter. 69.00% of the stock is owned by institutional investors.

About Corning

(Get Rating)

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

Further Reading

Analyst Recommendations for Corning (NYSE:GLW)

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