Corning (NYSE:GLW) Given New $46.00 Price Target at Susquehanna

Corning (NYSE:GLW) had its price objective boosted by Susquehanna from $40.00 to $46.00 in a research note released on Wednesday morning, Benzinga reports. Susquehanna currently has a positive rating on the electronics maker’s stock.

GLW has been the topic of several other reports. Hsbc Global Res upgraded shares of Corning from a moderate sell rating to a hold rating in a research report on Tuesday, July 9th. Citigroup increased their price target on shares of Corning from $45.00 to $51.00 and gave the stock a buy rating in a research report on Friday, July 12th. JPMorgan Chase & Co. raised their price objective on shares of Corning from $47.00 to $55.00 and gave the company an overweight rating in a research report on Monday, July 29th. UBS Group raised their price objective on shares of Corning from $38.00 to $44.00 and gave the company a neutral rating in a research report on Tuesday, July 9th. Finally, Fox Advisors upgraded shares of Corning from an equal weight rating to an overweight rating and set a $45.00 price objective on the stock in a research report on Monday, June 17th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $45.23.

Corning Stock Down 2.7 %

GLW opened at $38.94 on Wednesday. The company has a current ratio of 1.57, a quick ratio of 1.02 and a debt-to-equity ratio of 0.63. Corning has a 1-year low of $25.26 and a 1-year high of $46.39. The company has a market capitalization of $33.36 billion, a PE ratio of 54.85, a PEG ratio of 1.50 and a beta of 1.05. The firm’s 50 day simple moving average is $40.26 and its two-hundred day simple moving average is $35.25.

Corning (NYSE:GLW) last released its quarterly earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the firm earned $0.45 earnings per share. The company’s quarterly revenue was up 3.5% on a year-over-year basis. As a group, equities analysts forecast that Corning will post 1.9 EPS for the current 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 paid a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.88%. Corning’s payout ratio is 157.75%.

Insider Activity at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’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 completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Corning news, 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 directly owns 70,110 shares of the company’s stock, valued at approximately $2,326,950.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, 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 transaction of $479,713.70. Following the completion of the transaction, the vice president now directly owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Corning

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP grew its stake in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after buying an additional 2,597,878 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Corning by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after buying an additional 4,464,893 shares in the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Corning by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after buying an additional 146,807 shares in the last quarter. Norges Bank purchased a new position in shares of Corning in the 4th quarter worth $247,721,000. Finally, FIL Ltd grew its stake in shares of Corning by 1.5% in the 4th quarter. FIL Ltd now owns 7,179,283 shares of the electronics maker’s stock worth $218,609,000 after buying an additional 105,994 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.