JPMorgan Chase & Co. Issues Positive Forecast for Corning (NYSE:GLW) Stock Price

Corning (NYSE:GLW) had its price target hoisted by JPMorgan Chase & Co. from $55.00 to $60.00 in a research report report published on Wednesday morning, Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the electronics maker’s stock.

Several other analysts also recently weighed in on GLW. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price for the company in a research note on Tuesday, July 9th. Susquehanna boosted their target price on shares of Corning from $46.00 to $55.00 and gave the stock a “positive” rating in a research report on Friday, September 20th. Deutsche Bank Aktiengesellschaft increased their price target on shares of Corning from $49.00 to $54.00 and gave the company a “buy” rating in a report on Wednesday. Barclays boosted their price objective on shares of Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Bank of America increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Corning has an average rating of “Moderate Buy” and a consensus target price of $50.08.

Corning Stock Performance

Shares of NYSE GLW opened at $48.04 on Wednesday. The business’s 50-day simple moving average is $44.27 and its 200-day simple moving average is $40.16. Corning has a 52 week low of $26.41 and a 52 week high of $51.03. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. The firm has a market cap of $41.15 billion, a price-to-earnings ratio of 67.66, a P/E/G ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.53 by $0.01. The business had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a net margin of 3.53% and a return on equity of 12.69%. Corning’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $0.45 earnings per share. As a group, equities research analysts expect that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Hedge Funds Weigh In On Corning

Several institutional investors have recently added to or reduced their stakes in GLW. City Holding Co. raised its stake in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after acquiring an additional 600 shares during the last quarter. Access Investment Management LLC bought a new position in Corning in the 1st quarter valued at $28,000. Global Trust Asset Management LLC boosted its stake in Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after purchasing an additional 900 shares in the last quarter. ESL Trust Services LLC bought a new stake in shares of Corning during the first quarter worth $33,000. Finally, Accordant Advisory Group Inc acquired a new stake in shares of Corning in the second quarter valued at $39,000. 69.80% of the stock is owned by institutional investors.

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.