Corning (NYSE:GLW) PT Raised to $50.00

Corning (NYSE:GLW) had its price target lifted by Argus from $40.00 to $50.00 in a research report sent to investors on Tuesday morning, Marketbeat.com reports. They currently have a buy rating on the electronics maker’s stock.

Several other equities research analysts have also issued reports on the stock. HSBC raised shares of Corning from a reduce rating to a hold rating and set a $37.00 price target on the stock in a report on Tuesday. Susquehanna reaffirmed a positive rating and set a $40.00 price target on shares of Corning in a report on Monday, April 1st. UBS Group lifted their price target on shares of Corning from $35.00 to $38.00 and gave the company a neutral rating in a report on Thursday, May 30th. Bank of America boosted their target price on shares of Corning from $38.00 to $42.00 and gave the stock a buy rating in a report on Friday, June 14th. Finally, Fox Advisors raised shares of Corning from an equal weight rating to an overweight rating and set a $45.00 target price on the stock in a report on Monday, June 17th. Eight analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $43.38.

Corning Price Performance

Shares of NYSE:GLW opened at $45.65 on Tuesday. The firm has a 50 day moving average of $37.83 and a 200-day moving average of $33.91. The stock has a market capitalization of $39.10 billion, a PE ratio of 64.30, a PEG ratio of 1.66 and a beta of 1.05. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning has a 12 month low of $25.26 and a 12 month high of $46.13.

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

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, August 30th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Thursday, August 29th. Corning’s dividend payout ratio is currently 157.75%.

Insider Activity

In related news, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, VP Jeffrey W. Evenson sold 12,830 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the transaction, the vice president now owns 57,280 shares in the company, valued at approximately $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the transaction, the vice president now owns 70,110 shares in the company, valued at approximately $2,326,950.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,207 shares of company stock valued at $5,876,067. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Access Investment Management LLC acquired a new position in Corning during the first quarter worth $28,000. Cape Investment Advisory Inc. raised its holdings in Corning by 800.0% during the fourth 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 acquired a new position in Corning during the first quarter worth $33,000. Register Financial Advisors LLC acquired a new position in Corning during the first quarter worth $33,000. Finally, ESL Trust Services LLC acquired a new position in Corning during the first quarter worth $33,000. 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.