Corning (NYSE:GLW) Stock Price Down 3.3%

Corning Incorporated (NYSE:GLW)’s stock price was down 3.3% during trading on Monday . The stock traded as low as $37.18 and last traded at $37.65. Approximately 1,778,262 shares changed hands during mid-day trading, a decline of 71% from the average daily volume of 6,220,601 shares. The stock had previously closed at $38.94.

Analysts Set New Price Targets

Several research analysts recently commented on GLW shares. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price objective for the company in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Corning from a “hold” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Wednesday, July 31st. JPMorgan Chase & Co. increased their price target on shares of Corning from $47.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 29th. Susquehanna upped their price objective on shares of Corning from $40.00 to $46.00 and gave the stock a “positive” rating in a research report on Wednesday, July 31st. Finally, UBS Group increased their target price 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. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Corning currently has an average rating of “Moderate Buy” and a consensus target price of $45.23.

Corning Trading Down 3.0 %

The company’s fifty day moving average is $40.26 and its two-hundred day moving average is $35.29. The stock has a market cap of $32.35 billion, a price-to-earnings ratio of 53.58, a PEG ratio of 1.50 and a beta of 1.05. The company has a quick ratio of 1.02, a current ratio of 1.57 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last issued its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating the consensus estimate of $0.46 by $0.01. The firm had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. The firm’s revenue was up 3.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.45 earnings per share. On average, research analysts predict that Corning Incorporated will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 27th. Shareholders of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date is Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a yield of 2.97%. Corning’s payout ratio is currently 157.75%.

Insiders Place Their Bets

In other Corning news, VP Jeffrey W. Evenson sold 12,830 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.40% of the stock is owned by corporate insiders.

Institutional Trading of Corning

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Norges Bank acquired a new position in shares of Corning in the 4th quarter valued at $247,721,000. Price T Rowe Associates Inc. MD increased its holdings 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 valued at $566,941,000 after acquiring an additional 4,464,893 shares during the period. Wellington Management Group LLP increased its holdings 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 valued at $953,474,000 after acquiring an additional 2,597,878 shares during the period. Goldman Sachs Group Inc. grew its position in Corning by 41.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after buying an additional 1,828,097 shares during the last quarter. Finally, Natixis grew its position in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after buying an additional 1,735,638 shares during the last quarter. 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.