Corning’s (GLW) “Buy” Rating Reaffirmed at Deutsche Bank AG
Corning Inc. (NYSE:GLW)‘s stock had its “buy” rating reiterated by Deutsche Bank AG in a research report issued to clients and investors on Monday.
Several other equities research analysts also recently weighed in on GLW. Argus reissued a “buy” rating on shares of Corning in a research report on Sunday, June 12th. Vetr downgraded shares of Corning from a “buy” rating to a “hold” rating and set a $21.20 target price for the company. in a research report on Thursday, July 7th. Citigroup Inc. boosted their target price 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. Drexel Hamilton downgraded shares of Corning from a “hold” rating to a “sell” rating and dropped their target price for the stock from $21.03 to $14.50 in a research report on Friday, June 10th. They noted that the move was a valuation call. Finally, Standpoint Research downgraded shares of Corning from a “buy” rating to a “hold” rating in a research report on Monday, June 13th. Four investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of C$21.98.
Shares of Corning (NYSE:GLW) traded up 0.021% on Monday, hitting $23.655. The stock had a trading volume of 2,111,790 shares. Corning has a one year low of $16.13 and a one year high of $23.81. The stock has a market cap of $24.53 billion, a PE ratio of 13.033 and a beta of 1.33. The company’s 50 day moving average is $22.83 and its 200 day moving average is $21.09.
Corning (NYSE:GLW) last released its quarterly earnings results on Wednesday, July 27th. The company reported $0.37 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.05. Corning had a net margin of 25.53% and a return on equity of 9.65%. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same quarter in the previous year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up .7% on a year-over-year basis. Equities research analysts predict that Corning will post $1.43 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Wednesday, August 31st were issued a $0.135 dividend. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.54 dividend on an annualized basis and a dividend yield of 2.28%. Corning’s payout ratio is currently 29.51%.
In other news, insider David L. Morse sold 18,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 28th. The shares were sold at an average price of C$23.50, for a total transaction of C$423,000.00. Following the sale, the insider now owns 61,629 shares in the company, valued at C$1,448,281.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Martin J. Curran sold 54,416 shares of the business’s stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of C$22.87, for a total transaction of C$1,244,493.92. Following the sale, the vice president now owns 32,115 shares in the company, valued at approximately C$734,470.05. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the stock. Nationwide Fund Advisors raised its stake in Corning by 42.0% in the second quarter. Nationwide Fund Advisors now owns 568,392 shares of the company’s stock worth $11,641,000 after buying an additional 167,983 shares in the last quarter. Adage Capital Partners GP L.L.C. raised its stake in Corning by 132.8% in the first quarter. Adage Capital Partners GP L.L.C. now owns 2,384,221 shares of the company’s stock worth $49,806,000 after buying an additional 1,360,200 shares in the last quarter. Royal Bank of Canada raised its stake in Corning by 2.5% in the first quarter. Royal Bank of Canada now owns 3,089,240 shares of the company’s stock worth $64,534,000 after buying an additional 76,186 shares in the last quarter. Motley Fool Wealth Management LLC raised its stake in Corning by 8.4% in the first quarter. Motley Fool Wealth Management LLC now owns 59,069 shares of the company’s stock worth $1,234,000 after buying an additional 4,575 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI raised its stake in Corning by 46.3% in the first quarter. Zurich Insurance Group Ltd FI now owns 307,682 shares of the company’s stock worth $6,427,000 after buying an additional 97,387 shares in the last quarter. Institutional investors and hedge funds own 73.63% 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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