Analysts Set Corning Incorporated (NYSE:GLW) PT at $54.31

Corning Incorporated (NYSE:GLW) has been given an average rating of “Moderate Buy” by the fourteen ratings firms that are covering the company, Marketbeat Ratings reports. Three analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price objective among brokers that have issued a report on the stock in the last year is $54.31.

GLW has been the subject of a number of research reports. Citigroup raised their target price on shares of Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Morgan Stanley raised their price objective on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com downgraded Corning from a “buy” rating to a “hold” rating in a research report on Tuesday, February 25th. Hsbc Global Res upgraded Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Finally, HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price target for the company from $51.00 to $60.00 in a research note on Thursday, January 30th.

Corning Trading Down 1.4 %

Corning stock opened at $45.91 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a 50-day simple moving average of $49.84 and a 200 day simple moving average of $47.95. The stock has a market capitalization of $39.33 billion, a P/E ratio of 79.16, a PEG ratio of 1.50 and a beta of 1.03. Corning has a 52 week low of $30.72 and a 52 week high of $55.33.

Corning (NYSE:GLW) last posted its earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping 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%. Analysts expect that Corning will post 2.33 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Investors of record on Friday, February 28th were given a dividend of $0.28 per share. The ex-dividend date was Friday, February 28th. This represents a $1.12 annualized dividend and a yield of 2.44%. Corning’s dividend payout ratio is 193.10%.

Insider Buying and Selling

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Quest Partners LLC acquired a new stake in Corning in the third quarter valued at approximately $106,000. Swedbank AB lifted its stake in shares of Corning by 60.2% in the 3rd quarter. Swedbank AB now owns 38,314 shares of the electronics maker’s stock valued at $1,730,000 after acquiring an additional 14,403 shares during the last quarter. FMR LLC boosted its holdings in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after acquiring an additional 1,285,836 shares in the last quarter. Brooklyn Investment Group bought a new stake in Corning during the 3rd quarter worth $76,000. Finally, Baldwin Investment Management LLC acquired a new position in Corning in the 3rd quarter worth about $226,000. Institutional investors own 69.80% of the company’s stock.

About Corning

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.