Corning (NYSE:GLW) PT Raised to $37.00

Corning (NYSE:GLWFree Report) had its target price boosted by JPMorgan Chase & Co. from $36.00 to $37.00 in a report published on Wednesday morning, Benzinga reports. They currently have a neutral rating on the electronics maker’s stock.

A number of other research firms have also recently issued reports on GLW. UBS Group increased their price target on Corning from $34.00 to $35.00 and gave the stock a neutral rating in a report on Monday, April 8th. Morgan Stanley reaffirmed an overweight rating and issued a $35.00 price target on shares of Corning in a research note on Monday, April 22nd. Susquehanna reissued a positive rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. StockNews.com upgraded Corning from a sell rating to a hold rating in a research note on Monday, April 1st. Finally, Barclays boosted their price objective on Corning from $28.00 to $35.00 and gave the company an equal weight rating in a report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, Corning presently has a consensus rating of Hold and an average price target of $34.89.

Check Out Our Latest Stock Analysis on Corning

Corning Stock Up 0.4 %

Corning stock opened at $33.72 on Wednesday. The firm has a market cap of $28.84 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07. Corning has a 52-week low of $25.26 and a 52-week high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The firm has a 50 day moving average price of $32.36 and a two-hundred day moving average price of $30.61.

Corning (NYSE:GLWGet Free Report) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter in the prior year, the firm posted $0.41 earnings per share. The business’s quarterly revenue was down 11.5% compared to the same quarter last year. Equities analysts predict that Corning will post 1.9 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 3.32%. Corning’s dividend payout ratio is currently 157.75%.

Insider Buying and Selling

In other Corning news, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares in the company, valued at approximately $379,484.10. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now directly owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the completion of the sale, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 119,988 shares of company stock worth $3,984,964. 0.40% of the stock is owned by insiders.

Institutional Trading of Corning

A number of large investors have recently bought and sold shares of the company. Natixis Advisors L.P. raised its stake in Corning by 5.9% in the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after acquiring an additional 5,616 shares during the period. KMG Fiduciary Partners LLC bought a new position in Corning in the 4th quarter worth approximately $1,199,000. Socha Financial Group LLC grew its stake in Corning by 8.8% in the 4th quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock valued at $10,463,000 after buying an additional 27,772 shares in the last quarter. HB Wealth Management LLC lifted its position in shares of Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after acquiring an additional 1,926 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Corning by 59.8% in the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after acquiring an additional 40,564 shares during the period. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

(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.

Featured Articles

Analyst Recommendations for Corning (NYSE:GLW)

Receive News & Ratings for Corning Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Corning and related companies with MarketBeat.com's FREE daily email newsletter.