Corning (NYSE:GLW) Price Target Raised to $51.00

Corning (NYSE:GLW) had its target price raised by UBS Group from $46.00 to $51.00 in a report issued on Wednesday morning, Benzinga reports. UBS Group currently has a neutral rating on the electronics maker’s stock.

Several other research analysts have also recently weighed in on the stock. Oppenheimer lifted their price target on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a research note on Friday, September 20th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $39.00 price objective on shares of Corning in a research note on Friday, July 26th. HSBC raised shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a report on Tuesday, July 9th. Mizuho raised shares of Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the stock from $44.00 to $47.00 in a research note on Wednesday, August 21st. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research note on Tuesday, July 9th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Down 2.0 %

GLW opened at $48.04 on Wednesday. The stock has a market capitalization of $41.15 billion, a price-to-earnings ratio of 67.66, a PEG ratio of 1.73 and a beta of 1.04. The firm has a 50 day moving average price of $44.27 and a 200-day moving average price of $40.16. Corning has a twelve month low of $26.41 and a twelve month high of $51.03. 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 (NYSE:GLW) last announced its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the business earned $0.45 EPS. The company’s quarterly revenue was up 6.9% compared to the same quarter last year. Equities research analysts forecast that Corning will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

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

Institutional Trading of Corning

Large investors have recently added to or reduced their stakes in the company. Benchmark Financial Wealth Advisors LLC boosted its position in shares of Corning by 3.3% during the 3rd quarter. Benchmark Financial Wealth Advisors LLC now owns 8,478 shares of the electronics maker’s stock valued at $383,000 after acquiring an additional 270 shares during the last quarter. Radnor Capital Management LLC purchased a new stake in Corning during the third quarter valued at $1,880,000. Cornerstone Capital Inc. lifted its position in Corning by 1.6% during the third quarter. Cornerstone Capital Inc. now owns 617,177 shares of the electronics maker’s stock valued at $27,866,000 after purchasing an additional 9,706 shares during the last quarter. NorthRock Partners LLC purchased a new position in shares of Corning in the 3rd quarter worth $215,000. Finally, Moloney Securities Asset Management LLC grew its stake in shares of Corning by 19.9% in the 3rd quarter. Moloney Securities Asset Management LLC now owns 79,830 shares of the electronics maker’s stock worth $3,604,000 after buying an additional 13,253 shares in the last quarter. Institutional investors 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.