Analysts Set Corning Incorporated (NYSE:GLW) PT at $43.38

Corning Incorporated (NYSE:GLW) has received a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the company, Marketbeat Ratings reports. Seven analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $43.38.

A number of equities research analysts have weighed in on the company. Morgan Stanley raised their price target on Corning from $38.00 to $39.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 9th. Bank of America raised their price objective on Corning from $38.00 to $42.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Citigroup raised their price objective on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Argus raised their price objective on Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Finally, JPMorgan Chase & Co. raised Corning from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $37.00 to $43.00 in a research note on Thursday, May 30th.

Insider Buying and Selling at Corning

In other Corning news, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $33.19, for a total transaction of $3,433,074.03. Following the sale, the vice president now directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Corning news, EVP Lewis A. Steverson sold 29,978 shares of Corning stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Jeffrey W. Evenson sold 103,437 shares of Corning stock in a transaction that occurred 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 of the company’s stock, valued at $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 corporate insiders.

Hedge Funds Weigh In On Corning

Several large investors have recently made changes to their positions in GLW. Nordea Investment Management AB lifted its holdings in shares of Corning by 0.7% during the fourth quarter. Nordea Investment Management AB now owns 61,812 shares of the electronics maker’s stock valued at $1,881,000 after purchasing an additional 460 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock valued at $3,300,000 after purchasing an additional 40,564 shares during the last quarter. HB Wealth Management LLC raised its holdings in Corning by 24.2% in the 4th quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after acquiring an additional 1,926 shares during the last quarter. LVW Advisors LLC raised its holdings in Corning by 8.6% in the 4th quarter. LVW Advisors LLC now owns 7,785 shares of the electronics maker’s stock worth $237,000 after acquiring an additional 617 shares during the last quarter. Finally, CVA Family Office LLC purchased a new position in Corning in the 4th quarter worth approximately $50,000. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Trading Down 2.6 %

Shares of GLW stock opened at $42.81 on Friday. The business’s fifty day moving average is $39.70 and its 200 day moving average is $34.80. Corning has a 52-week low of $25.26 and a 52-week high of $46.39. 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 company has a market capitalization of $36.67 billion, a PE ratio of 60.30, a price-to-earnings-growth ratio of 1.63 and a beta of 1.05.

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

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Thursday, August 29th. This represents a $1.12 annualized dividend and a yield of 2.62%. Corning’s payout ratio is 157.75%.

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.