Bank of America Corp. Reiterates “Sell” Rating for Corning Inc. (GLW)
Corning Inc. (NYSE:GLW)‘s stock had its “sell” rating restated by research analysts at Bank of America Corp. in a research note issued on Wednesday. They currently have a $17.50 target price on the stock.
Other research analysts also recently issued research reports about the stock. Goldman Sachs Group Inc. reiterated a “buy” rating on shares of Corning in a research report on Friday, August 26th. Citigroup Inc. upped their price objective on shares of Corning from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. Argus reiterated a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Deutsche Bank AG reiterated a “buy” rating on shares of Corning in a research report on Saturday, June 4th. Finally, Vetr downgraded shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 price objective for the company. in a research report on Monday, June 6th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of C$21.45.
Corning (NYSE:GLW) opened at 23.11 on Wednesday. The company has a market cap of $23.96 billion, a P/E ratio of 12.73 and a beta of 1.44. Corning has a one year low of $16.13 and a one year high of $23.23. The company has a 50 day moving average of $22.72 and a 200-day moving average of $20.91.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The company earned $2.36 billion during the quarter, compared to the consensus estimate of $2.38 billion. Corning had a net margin of 25.53% and a return on equity of 9.65%. The firm’s quarterly revenue was up .7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 earnings per share. On average, equities analysts expect that Corning will post $1.42 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st will be issued a $0.135 dividend. The ex-dividend date is Monday, August 29th. This represents a $0.54 annualized dividend and a dividend yield of 2.34%. Corning’s dividend payout ratio is currently 29.51%.
In other Corning news, VP Eric S. Musser sold 56,853 shares of the stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of C$22.37, for a total transaction of C$1,271,801.61. Following the sale, the vice president now directly owns 25,693 shares in the company, valued at approximately C$574,752.41. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Wendell P. Weeks sold 68,250 shares of the stock in a transaction that occurred on Tuesday, August 2nd. The stock was sold at an average price of C$22.21, for a total transaction of C$1,515,832.50. Following the sale, the chief executive officer now owns 68,250 shares in the company, valued at C$1,515,832.50. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by insiders.
A number of large investors have recently added to or reduced their stakes in the company. Whittier Trust Co. raised its stake in Corning by 2.3% in the second quarter. Whittier Trust Co. now owns 6,954 shares of the company’s stock worth $142,000 after buying an additional 154 shares during the period. First Manhattan Co. raised its stake in Corning by 2.7% in the second quarter. First Manhattan Co. now owns 7,622 shares of the company’s stock worth $156,000 after buying an additional 200 shares during the period. Zions Bancorporation raised its stake in Corning by 439.6% in the first quarter. Zions Bancorporation now owns 7,976 shares of the company’s stock worth $164,000 after buying an additional 6,498 shares during the period. Invictus RG raised its stake in Corning by 6.0% in the first quarter. Invictus RG now owns 8,787 shares of the company’s stock worth $184,000 after buying an additional 495 shares during the period. Finally, Sunbelt Securities Inc. raised its stake in Corning by 5.6% in the second quarter. Sunbelt Securities Inc. now owns 9,500 shares of the company’s stock worth $195,000 after buying an additional 500 shares during the period. Institutional investors own 73.64% of the company’s stock.
Corning Incorporated (Corning) is engaged in the manufacture of specialty glass and ceramics. The Company operates in five segments: Display Technologies, which manufactures glass substrates; Optical Communications, which is engaged in providing optical solutions; Environmental Technologies, which manufactures ceramic substrates and filter products; Specialty Materials, which manufactures products that provide over 150 material formulations for glass, glass ceramics and fluoride crystals, and Life Sciences segment, which is a developer, manufacturer and supplier of scientific laboratory products.
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