Corning (NYSE:GLW) Sets New 1-Year High Following Strong Earnings

Shares of Corning Incorporated (NYSE:GLW) hit a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $62.98 and last traded at $62.05, with a volume of 17709738 shares traded. The stock had previously closed at $55.41.

The electronics maker reported $0.60 EPS for the quarter, topping the consensus estimate of $0.57 by $0.03. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.84 billion. Corning had a return on equity of 17.27% and a net margin of 5.77%. During the same quarter last year, the firm earned $0.47 EPS.

Corning Announces Dividend

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

Analyst Ratings Changes

A number of research firms recently issued reports on GLW. Barclays boosted their price objective on Corning from $52.00 to $65.00 and gave the company an “equal weight” rating in a research report on Wednesday. Susquehanna boosted their price objective on Corning from $60.00 to $75.00 and gave the company a “positive” rating in a research report on Wednesday. Citigroup boosted their price objective on Corning from $52.00 to $60.00 and gave the company a “buy” rating in a research report on Friday, July 11th. JPMorgan Chase & Co. boosted their price objective on Corning from $62.00 to $65.00 and gave the company an “overweight” rating in a research report on Friday, July 25th. Finally, Morgan Stanley boosted their price objective on Corning from $50.00 to $56.00 and gave the company an “equal weight” rating in a research report on Wednesday. Four research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $63.25.

Insiders Place Their Bets

In other news, VP John Z. Zhang sold 8,000 shares of the business’s stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the sale, the vice president owned 9,610 shares of the company’s stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP John Z. Zhang sold 9,610 shares of the business’s stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Insiders sold 55,534 shares of company stock worth $2,739,891 over the last 90 days. Insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Forte Capital LLC ADV raised its stake in shares of Corning by 2.4% in the 2nd quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker’s stock worth $419,000 after buying an additional 190 shares in the last quarter. Smith Salley Wealth Management raised its stake in shares of Corning by 3.3% in the 2nd quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker’s stock worth $330,000 after buying an additional 200 shares in the last quarter. Leigh Baldwin & CO. LLC raised its stake in shares of Corning by 1.7% in the 1st quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker’s stock worth $573,000 after buying an additional 210 shares in the last quarter. University of Texas Texas AM Investment Management Co. raised its stake in shares of Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker’s stock worth $115,000 after buying an additional 214 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of Corning by 1.3% in the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 16,623 shares of the electronics maker’s stock worth $874,000 after buying an additional 214 shares in the last quarter. Institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.9%

The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.05 and a current ratio of 1.50. The stock has a 50 day moving average price of $52.16 and a 200 day moving average price of $48.97. The company has a market cap of $53.56 billion, a P/E ratio of 66.52, a P/E/G ratio of 1.64 and a beta of 1.11.

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.