Corning Incorporated (NYSE:GLW) Receives Average Rating of “Moderate Buy” from Analysts

Corning Incorporated (NYSE:GLW) has received a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the stock, MarketBeat Ratings reports. Five investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $50.77.

A number of analysts have recently issued reports on GLW shares. JPMorgan Chase & Co. increased their price objective on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Bank of America upped their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research note on Friday, September 20th. UBS Group lifted their price target on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft boosted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Finally, Barclays boosted their price target on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th.

Corning Stock Performance

GLW stock opened at $47.90 on Wednesday. Corning has a 1 year low of $29.71 and a 1 year high of $51.03. The stock’s fifty day moving average price is $47.76 and its 200-day moving average price is $43.85. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a market cap of $41.01 billion, a P/E ratio of 281.76, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a return on equity of 13.45% and a net margin of 1.24%. The firm had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the prior year, the business posted $0.45 EPS. Corning’s revenue was up 6.9% on a year-over-year basis. On average, equities analysts forecast that Corning will post 1.95 earnings per share for the current year.

Corning Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 13th. Shareholders of record on Friday, November 15th were issued a dividend of $0.28 per share. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.34%. Corning’s dividend payout ratio is currently 658.82%.

Insider Activity

In other Corning news, SVP John P. Bayne, Jr. sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now directly owns 6,700 shares in the company, valued at $324,213. This trade represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. Company insiders own 0.45% of the company’s stock.

Institutional Trading of Corning

Institutional investors have recently bought and sold shares of the stock. FMR LLC raised its stake in Corning by 52.8% in the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock worth $168,095,000 after acquiring an additional 1,285,836 shares during the last quarter. State Street Corp boosted its position in Corning by 3.8% in the third quarter. State Street Corp now owns 33,983,090 shares of the electronics maker’s stock valued at $1,534,337,000 after buying an additional 1,242,718 shares during the last quarter. Los Angeles Capital Management LLC increased its holdings in Corning by 215.6% in the 3rd quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after buying an additional 1,145,955 shares during the period. Pathway Financial Advisers LLC raised its position in Corning by 4,306.9% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,050,463 shares of the electronics maker’s stock worth $47,428,000 after buying an additional 1,026,626 shares during the last quarter. Finally, Shellback Capital LP acquired a new stake in Corning during the 2nd quarter valued at approximately $34,483,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.