Corning (NYSE:GLW) PT Raised to $51.00 at Oppenheimer

Corning (NYSE:GLW) had its price target raised by Oppenheimer from $47.00 to $51.00 in a research note published on Friday, Benzinga reports. Oppenheimer currently has an outperform rating on the electronics maker’s stock.

Several other equities analysts have also issued reports on GLW. UBS Group lifted their price target on shares of Corning from $38.00 to $44.00 and gave the stock a neutral rating in a report on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Corning from a hold rating to a buy rating and set a $46.00 price target on the stock in a report on Wednesday, July 31st. HSBC raised shares of Corning from a reduce rating to a hold rating and set a $37.00 price objective on the stock in a report on Tuesday, July 9th. Hsbc Global Res raised shares of Corning from a moderate sell rating to a hold rating in a report on Tuesday, July 9th. Finally, Bank of America boosted their price objective on shares of Corning from $46.00 to $51.00 and gave the company a buy rating in a report on Friday. Six research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of Moderate Buy and an average target price of $47.00.

Corning Stock Performance

Shares of GLW stock opened at $44.50 on Friday. The firm has a market cap of $38.12 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04. The company’s 50 day moving average is $41.73 and its 200 day moving average is $37.58. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning has a 52-week low of $25.26 and a 52-week high of $46.39.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the previous year, the company earned $0.45 earnings per share. The business’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, sell-side analysts anticipate that Corning will post 1.91 EPS for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.52%. Corning’s dividend payout ratio is presently 157.75%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. Bridgefront Capital LLC acquired a new position in shares of Corning in the fourth quarter worth about $813,000. Wahed Invest LLC raised its position in shares of Corning by 8.6% in the fourth quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock worth $395,000 after acquiring an additional 1,028 shares during the period. Belpointe Asset Management LLC raised its position in shares of Corning by 26.4% in the fourth quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock worth $253,000 after acquiring an additional 1,740 shares during the period. Massmutual Trust Co. FSB ADV raised its position in shares of Corning by 75.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock worth $1,871,000 after acquiring an additional 24,421 shares during the period. Finally, Elo Mutual Pension Insurance Co raised its position in shares of Corning by 4.7% in the fourth quarter. Elo Mutual Pension Insurance Co now owns 70,747 shares of the electronics maker’s stock worth $2,154,000 after acquiring an additional 3,152 shares during the period. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.