Corning (NYSE:GLW) Stock Price Up 2.2%

Corning Incorporated (NYSE:GLW)’s share price rose 2.2% during mid-day trading on Tuesday . The company traded as high as $38.62 and last traded at $38.59. Approximately 1,306,380 shares changed hands during trading, a decline of 79% from the average daily volume of 6,221,426 shares. The stock had previously closed at $37.76.

Analysts Set New Price Targets

GLW has been the topic of a number of research reports. Bank of America cut their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research report on Wednesday, July 31st. Argus upped their target price on shares of Corning from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, July 9th. UBS Group increased their price target 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. Barclays increased their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a research report on Wednesday, July 31st. Finally, Oppenheimer reiterated an “outperform” rating and issued a $47.00 price target (down from $50.00) on shares of Corning in a research report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $45.23.

Corning Stock Up 2.0 %

The company has a market capitalization of $33.04 billion, a P/E ratio of 54.38, a PEG ratio of 1.49 and a beta of 1.05. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. The firm’s 50 day moving average price is $40.38 and its two-hundred day moving average price is $35.42.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.55 billion. Corning had a return on equity of 12.69% and a net margin of 3.53%. The firm’s revenue for the quarter was up 3.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.45 EPS. Equities research analysts forecast that Corning Incorporated will post 1.9 EPS for the current year.

Corning Announces Dividend

The firm also recently announced 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 Friday, August 30th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.90%. Corning’s payout ratio is presently 157.75%.

Insider Activity

In related news, VP Jeffrey W. Evenson sold 12,830 shares of the stock in a transaction that occurred 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 sale, the vice president now owns 57,280 shares of the company’s stock, valued at $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.40% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corning

Large investors have recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in Corning by 9.0% in the fourth 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 last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Corning by 35.1% during 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 raised its stake in Corning by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after acquiring an additional 146,807 shares in the last quarter. Norges Bank bought a new position in Corning in the 4th quarter valued at approximately $247,721,000. Finally, FIL Ltd increased its holdings in shares of Corning by 1.5% during the fourth 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 currently owned by institutional investors and hedge funds.

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.