Corning (NYSE:GLW) Price Target Increased to $46.00 by Analysts at Deutsche Bank Aktiengesellschaft

Corning (NYSE:GLW) had its price objective upped by Deutsche Bank Aktiengesellschaft from $39.00 to $46.00 in a research report report published on Tuesday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the electronics maker’s stock.

Other equities research analysts have also recently issued research reports about the company. Fox Advisors raised Corning from an equal weight rating to an overweight rating and set a $45.00 price target for the company in a report on Monday, June 17th. JPMorgan Chase & Co. raised Corning from a neutral rating to an overweight rating and raised their target price for the stock from $37.00 to $43.00 in a research note on Thursday, May 30th. StockNews.com raised Corning from a sell rating to a hold rating in a research note on Monday, April 1st. Citigroup raised their target price on Corning from $38.00 to $45.00 and gave the stock a buy rating in a research note on Friday, June 21st. Finally, Bank of America raised their target price on Corning from $38.00 to $42.00 and gave the stock a buy rating in a research note on Friday, June 14th. Eight research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average price target of $43.38.

Corning Price Performance

NYSE:GLW opened at $45.65 on Tuesday. Corning has a one year low of $25.26 and a one year high of $46.13. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.02 and a current ratio of 1.67. The stock has a market cap of $39.10 billion, a PE ratio of 64.30, a P/E/G ratio of 1.66 and a beta of 1.05. The stock has a 50 day moving average price of $37.83 and a 200 day moving average price of $33.91.

Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, beating the consensus estimate of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the firm earned $0.41 earnings per share. The business’s revenue for the quarter was down 11.5% on a year-over-year basis. Equities research analysts expect that Corning will post 1.94 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a $0.28 dividend. The ex-dividend date is Thursday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.45%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total value of $3,433,074.03. Following the completion of the transaction, the vice president now owns 70,110 shares of the company’s stock, valued at $2,326,950.90. The disclosure for this sale can be found here. Over the last three months, insiders sold 175,207 shares of company stock worth $5,876,067. Company insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Institutional investors have recently bought and sold shares of the business. Access Investment Management LLC purchased a new stake in Corning during the 1st quarter worth about $28,000. Cape Investment Advisory Inc. lifted its holdings in Corning by 800.0% during the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock worth $27,000 after buying an additional 800 shares during the last quarter. Future Financial Wealth Managment LLC purchased a new stake in Corning during the 1st quarter worth about $33,000. Register Financial Advisors LLC purchased a new stake in Corning during the 1st quarter worth about $33,000. Finally, ESL Trust Services LLC purchased a new stake in Corning during the 1st quarter worth about $33,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.