Corning’s (GLW) “Overweight” Rating Reaffirmed at Morgan Stanley

Morgan Stanley reissued their overweight rating on shares of Corning (NYSE:GLW) in a report published on Monday morning, Benzinga reports. The brokerage currently has a $35.00 target price on the electronics maker’s stock.

A number of other equities analysts have also recently issued reports on the company. StockNews.com raised Corning from a sell rating to a hold rating in a report on Monday, April 1st. UBS Group increased their target price on Corning from $34.00 to $35.00 and gave the stock a neutral rating in a report on Monday, April 8th. Barclays increased their target price on Corning from $28.00 to $35.00 and gave the stock an equal weight rating in a report on Wednesday, January 31st. Susquehanna reissued a positive rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. Finally, HSBC cut Corning from a hold rating to a reduce rating and set a $29.00 target price for the company. in a report on Thursday, February 1st. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the stock. According to MarketBeat, Corning presently has an average rating of Hold and an average target price of $34.78.

Corning Trading Up 0.9 %

Corning stock opened at $31.56 on Monday. The business has a 50 day moving average price of $32.30 and a two-hundred day moving average price of $30.41. The company has a quick ratio of 1.05, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The stock has a market cap of $26.99 billion, a price-to-earnings ratio of 47.10, a price-to-earnings-growth ratio of 1.73 and a beta of 1.08. Corning has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. The firm had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.26 billion. Corning had a return on equity of 12.31% and a net margin of 4.62%. The company’s revenue for the quarter was down 12.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.47 EPS. As a group, equities analysts forecast that Corning will post 1.87 EPS for the current year.

Corning Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Thursday, February 29th were given a dividend of $0.28 per share. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 dividend on an annualized basis and a yield of 3.55%. Corning’s dividend payout ratio (DPR) is presently 167.16%.

Insider Buying and Selling at Corning

In other news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Corning

Institutional investors and hedge funds have recently modified their holdings of the business. Peoples Bank KS bought a new stake in shares of Corning during the 3rd quarter valued at $25,000. OFI Invest Asset Management bought a new stake in Corning in the third quarter valued at about $25,000. Cape Investment Advisory Inc. lifted its stake in Corning by 800.0% in the fourth quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the period. SRS Capital Advisors Inc. boosted its holdings in Corning by 232.9% during the third 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 last quarter. Finally, Bruce G. Allen Investments LLC bought a new position in Corning during the fourth quarter worth about $31,000. 69.80% of the stock is 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.