Corning Incorporated (NYSE:GLW) Receives $50.08 Average PT from Analysts

Shares of Corning Incorporated (NYSE:GLW) have been assigned an average recommendation of “Moderate Buy” from the fourteen ratings firms that are currently covering the stock, MarketBeat.com reports. Five investment analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $50.08.

A number of brokerages recently commented on GLW. Oppenheimer reiterated an “outperform” rating and issued a $58.00 target price (up previously from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft upped their target price on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th. Bank of America upped their price objective on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. JPMorgan Chase & Co. upped their price objective on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Finally, StockNews.com lowered Corning from a “buy” rating to a “hold” rating in a research report on Tuesday.

Corning Stock Performance

GLW opened at $48.22 on Friday. Corning has a 52-week low of $27.57 and a 52-week high of $51.03. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a market cap of $41.29 billion, a P/E ratio of 283.65, a price-to-earnings-growth ratio of 1.53 and a beta of 1.03. The firm’s 50-day moving average price is $46.62 and its 200-day moving average price is $42.32.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.53 by $0.01. The firm had revenue of $3.39 billion for the quarter, compared to analyst estimates of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.45 earnings per share. As a group, equities analysts anticipate that Corning will post 1.95 EPS for the current fiscal year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s payout ratio is 658.82%.

Insider Activity at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the completion of the transaction, the senior vice president now directly owns 6,700 shares in the company, valued at approximately $324,213. This represents a 42.74 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction dated 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. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

Several hedge funds and other institutional investors have recently made changes to their positions in GLW. MBB Public Markets I LLC raised its position in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock worth $2,524,000 after acquiring an additional 57,800 shares in the last quarter. Dark Forest Capital Management LP purchased a new stake in Corning during the second quarter worth $511,000. National Pension Service boosted its position in Corning by 11.3% during the third quarter. National Pension Service now owns 1,508,868 shares of the electronics maker’s stock worth $68,125,000 after purchasing an additional 152,922 shares in the last quarter. CWA Asset Management Group LLC purchased a new stake in Corning during the third quarter worth $5,705,000. Finally, Los Angeles Capital Management LLC boosted its position in Corning by 215.6% during the third quarter. Los Angeles Capital Management LLC now owns 1,677,513 shares of the electronics maker’s stock worth $75,740,000 after purchasing an additional 1,145,955 shares in the last quarter. Hedge funds and other 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.