Corning (NYSE:GLW) Reaches New 12-Month High on Better-Than-Expected Earnings

Shares of Corning Incorporated (NYSE:GLW) hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $50.90 and last traded at $50.69, with a volume of 1719005 shares trading hands. The stock had previously closed at $46.84.

The electronics maker reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the prior year, the business posted $0.45 earnings per share.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is presently 157.75%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Barclays increased their target price on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday. Oppenheimer reiterated an “outperform” rating and set a $58.00 target price (up from $51.00) on shares of Corning in a report on Wednesday. Argus increased their target price on shares of Corning from $40.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Susquehanna increased their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a report on Friday, September 20th. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $39.00 target price on shares of Corning in a report on Friday, July 26th. Six investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Institutional Trading of Corning

A number of institutional investors have recently modified their holdings of the company. Diversified Trust Co raised its position in shares of Corning by 10.8% in the 1st quarter. Diversified Trust Co now owns 12,254 shares of the electronics maker’s stock valued at $404,000 after purchasing an additional 1,191 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in shares of Corning by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after purchasing an additional 42,832 shares during the last quarter. Norden Group LLC raised its position in shares of Corning by 2,778.7% in the 1st quarter. Norden Group LLC now owns 261,735 shares of the electronics maker’s stock valued at $8,627,000 after purchasing an additional 252,643 shares during the last quarter. First Trust Direct Indexing L.P. raised its position in shares of Corning by 4.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after purchasing an additional 361 shares during the last quarter. Finally, HB Wealth Management LLC raised its position in shares of Corning by 7.1% in the 1st quarter. HB Wealth Management LLC now owns 10,570 shares of the electronics maker’s stock valued at $348,000 after purchasing an additional 699 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Stock Down 2.0 %

The stock has a market capitalization of $41.15 billion, a PE ratio of 67.66, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The company’s 50-day moving average is $44.27 and its 200 day moving average is $40.16.

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.