Susquehanna Reaffirms Positive Rating for Corning Inc. (GLW)
Susquehanna reiterated their positive rating on shares of Corning Inc. (NYSE:GLW) in a report released on Wednesday morning. They currently have a $27.00 price objective on the stock, up from their prior price objective of $25.00.
A number of other equities research analysts have also recently commented on GLW. Vetr cut Corning from a strong-buy rating to a buy rating and set a $23.33 target price on the stock. in a report on Tuesday, May 31st. Argus reissued a buy rating on shares of Corning in a research note on Sunday, June 12th. Deutsche Bank AG reissued a buy rating on shares of Corning in a research note on Saturday, June 4th. Citigroup Inc. increased their price target on Corning from $23.00 to $26.00 and gave the stock a buy rating in a research note on Friday, August 26th. Finally, Drexel Hamilton lowered Corning from a hold rating to a sell rating and reduced their price target for the stock from $21.03 to $14.50 in a research note on Friday, June 10th. They noted that the move was a valuation call. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and seven have issued a buy rating to the stock. Corning has an average rating of Hold and a consensus price target of C$21.98.
Shares of Corning (NYSE:GLW) opened at 23.65 on Wednesday. The firm has a market capitalization of $24.52 billion, a PE ratio of 13.03 and a beta of 1.33. The stock has a 50 day moving average price of $22.83 and a 200-day moving average price of $21.09. Corning has a 52 week low of $16.13 and a 52 week high of $23.81.
Corning (NYSE:GLW) last announced its earnings results on Wednesday, July 27th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.05. The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.38 billion. Corning had a return on equity of 9.65% and a net margin of 25.53%. Corning’s quarterly revenue was up .7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.38 EPS. Equities analysts anticipate that Corning will post $1.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Wednesday, August 31st were paid a dividend of $0.135 per share. The ex-dividend date of this dividend was Monday, August 29th. This represents a $0.54 annualized dividend and a dividend yield of 2.28%. Corning’s dividend payout ratio is presently 29.51%.
In other news, insider R Tony Tripeny sold 7,500 shares of the firm’s stock in a transaction dated Friday, July 29th. The stock was sold at an average price of C$22.27, for a total transaction of C$167,025.00. Following the completion of the sale, the insider now directly owns 48,221 shares in the company, valued at C$1,073,881.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Eric S. Musser sold 56,853 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of C$22.37, for a total value of C$1,271,801.61. Following the sale, the vice president now owns 25,693 shares of the company’s stock, valued at C$574,752.41. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Carnick & Kubik Group LLC acquired a new stake in shares of Corning during the second quarter valued at $758,000. Kentucky Retirement Systems Insurance Trust Fund acquired a new stake in shares of Corning during the second quarter valued at $889,000. Kentucky Retirement Systems acquired a new stake in shares of Corning during the second quarter valued at $1,873,000. Mason Street Advisors LLC acquired a new stake in shares of Corning during the second quarter valued at $2,966,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in shares of Corning by 10.9% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 25,878 shares of the company’s stock valued at $529,000 after buying an additional 2,534 shares in the last quarter. Institutional investors own 73.63% of the company’s stock.
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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