Corning Incorporated (NYSE:GLW) Given Consensus Recommendation of “Moderate Buy” by Analysts

Shares of Corning Incorporated (NYSE:GLW) have received an average recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold recommendation, ten have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $63.25.

A number of equities analysts have commented on the stock. UBS Group upped their target price on shares of Corning from $54.00 to $57.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 9th. Oppenheimer boosted their price target on Corning from $55.00 to $72.00 and gave the company an “outperform” rating in a report on Wednesday. Susquehanna increased their price objective on Corning from $60.00 to $75.00 and gave the stock a “positive” rating in a research note on Wednesday. JPMorgan Chase & Co. lifted their target price on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Finally, Argus reiterated a “buy” rating and issued a $68.00 target price on shares of Corning in a report on Wednesday.

Insider Buying and Selling

In other news, VP John Z. Zhang sold 8,000 shares of Corning stock in a transaction that occurred on Monday, May 12th. The shares were sold at an average price of $46.91, for a total value of $375,280.00. Following the transaction, the vice president owned 9,610 shares of the company’s stock, valued at $450,805.10. The trade was a 45.43% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Soumya Seetharam sold 6,505 shares of the business’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $50.01, for a total transaction of $325,315.05. Following the transaction, the senior vice president owned 25,000 shares of the company’s stock, valued at approximately $1,250,250. This trade represents a 20.65% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 55,534 shares of company stock valued at $2,739,891. Company insiders own 0.40% of the company’s stock.

Hedge Funds Weigh In On Corning

A number of large investors have recently made changes to their positions in GLW. Geode Capital Management LLC boosted its stake in Corning by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after purchasing an additional 533,686 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Corning by 2.0% in the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after buying an additional 208,826 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Corning by 0.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock worth $465,723,000 after buying an additional 78,497 shares during the period. Amundi lifted its stake in shares of Corning by 64.3% during the first quarter. Amundi now owns 6,408,605 shares of the electronics maker’s stock worth $271,237,000 after buying an additional 2,507,797 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Corning by 1.3% during the first quarter. Bank of New York Mellon Corp now owns 6,347,977 shares of the electronics maker’s stock valued at $290,610,000 after buying an additional 80,872 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Stock Performance

Shares of Corning stock opened at $62.53 on Thursday. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock’s fifty day moving average is $52.16 and its two-hundred day moving average is $48.97. Corning has a 52 week low of $37.18 and a 52 week high of $63.20. The company has a market capitalization of $53.56 billion, a PE ratio of 66.52, a price-to-earnings-growth ratio of 1.64 and a beta of 1.11.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, July 29th. The electronics maker reported $0.60 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. Corning had a net margin of 5.77% and a return on equity of 17.27%. The firm had revenue of $3.86 billion for the quarter, compared to analysts’ expectations of $3.84 billion. During the same period in the prior year, the business posted $0.47 earnings per share. As a group, analysts expect that Corning will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 1.79%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is 215.38%.

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.