Bank of America Corp. Reiterates “Sell” Rating for Corning Inc. (GLW)
Corning Inc. (NYSE:GLW)‘s stock had its “sell” rating reaffirmed by stock analysts at Bank of America Corp. in a research note issued to investors on Wednesday. They presently have a $17.50 price objective on the stock.
A number of other research analysts have also recently commented on GLW. Vetr cut shares of Corning from a “strong-buy” rating to a “buy” rating and set a $23.33 target price on the stock. in a research report on Tuesday, May 31st. Argus reaffirmed a “buy” rating on shares of Corning in a report on Sunday, June 12th. Deutsche Bank AG reaffirmed a “buy” rating on shares of Corning in a report on Saturday, June 4th. Citigroup Inc. upped their price target on shares of Corning from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 26th. Finally, Drexel Hamilton cut shares of Corning from a “hold” rating to a “sell” rating and cut their price target for the company from $21.03 to $14.50 in a report on Friday, June 10th. They noted that the move was a valuation call. Three equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of C$21.45.
Corning (NYSE:GLW) opened at 23.11 on Wednesday. Corning has a 12 month low of $16.13 and a 12 month high of $23.23. The stock has a market capitalization of $23.96 billion, a P/E ratio of 12.73 and a beta of 1.44. The firm’s 50-day moving average is $22.72 and its 200 day moving average is $20.91.
Corning (NYSE:GLW) last posted its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, topping analysts’ consensus estimates of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. During the same period in the previous year, the company posted $0.38 earnings per share. The business’s revenue for the quarter was up .7% compared to the same quarter last year. On average, equities analysts anticipate that Corning will post $1.42 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Wednesday, August 31st will be given a $0.135 dividend. The ex-dividend date of this dividend is Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a yield of 2.34%. Corning’s dividend payout ratio is presently 29.51%.
In other Corning news, VP Martin J. Curran sold 54,416 shares of the company’s stock in a transaction dated Wednesday, September 7th. The shares were sold at an average price of C$22.87, for a total value of C$1,244,493.92. Following the completion of the sale, the vice president now directly owns 32,115 shares of the company’s stock, valued at approximately C$734,470.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Martin J. Curran sold 9,000 shares of the company’s stock in a transaction dated Thursday, July 28th. The shares were sold at an average price of C$21.86, for a total transaction of C$196,740.00. Following the completion of the sale, the vice president now directly owns 25,052 shares of the company’s stock, valued at C$547,636.72. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.
Large investors have recently modified their holdings of the stock. Telemus Capital LLC acquired a new stake in shares of Corning during the first quarter worth $350,000. Sii Investments Inc. WI raised its stake in Corning by 3.4% in the first quarter. Sii Investments Inc. WI now owns 26,874 shares of the company’s stock worth $564,000 after buying an additional 896 shares in the last quarter. Investment Centers of America Inc. raised its stake in Corning by 9.8% in the first quarter. Investment Centers of America Inc. now owns 18,369 shares of the company’s stock worth $383,000 after buying an additional 1,636 shares in the last quarter. Glenmede Trust Co. NA raised its stake in Corning by 40.2% in the first quarter. Glenmede Trust Co. NA now owns 696,463 shares of the company’s stock worth $14,548,000 after buying an additional 199,742 shares in the last quarter. Finally, Douglas Lane & Associates LLC purchased a new stake in Corning during the first quarter worth approximately $35,325,000. 73.64% of the stock is owned by institutional investors.
Corning Company Profile
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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