Corning’s (GLW) “Buy” Rating Reiterated at Guggenheim
“We believe 3M’s product portfolio is roughly 50% optical (adding to GLW’s already-broad portfolio of optical fiber, components and systems) and 50% still copper connectivity, but we believe 3M grows GLW’s reach into incremental new carriers (particularly in international geos), and its copper-installed base should set GLW up to benefit from those networks ultimately migrating toward more fiber (e.g., FTTH).”,” the firm’s analyst commented.
GLW has been the topic of several other reports. BidaskClub raised shares of Corning from a hold rating to a buy rating in a report on Saturday, August 26th. Oppenheimer reaffirmed a hold rating on shares of Corning in a report on Wednesday, October 25th. Susquehanna Bancshares reaffirmed a positive rating and set a $35.00 price objective on shares of Corning in a report on Thursday, August 24th. Citigroup upped their price objective on shares of Corning from $30.00 to $32.00 and gave the company a neutral rating in a report on Wednesday, October 25th. Finally, Zacks Investment Research raised shares of Corning from a strong sell rating to a hold rating in a report on Thursday, October 26th. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Corning currently has an average rating of Hold and an average price target of $29.28.
Corning (NYSE GLW) opened at $32.05 on Tuesday. The firm has a market cap of $27,644.72, a PE ratio of 18.28, a P/E/G ratio of 2.65 and a beta of 1.33. Corning has a fifty-two week low of $24.12 and a fifty-two week high of $32.81. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26.
Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.41 by $0.02. The business had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.59 billion. Corning had a net margin of 24.98% and a return on equity of 11.53%. The company’s revenue was up 4.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 earnings per share. analysts predict that Corning will post 1.7 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Thursday, November 16th were given a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a dividend yield of 1.93%. The ex-dividend date was Wednesday, November 15th. Corning’s dividend payout ratio is presently 26.38%.
In other news, VP Eric S. Musser sold 29,949 shares of the company’s stock in a transaction dated Wednesday, October 25th. The stock was sold at an average price of $31.56, for a total transaction of $945,190.44. Following the sale, the vice president now directly owns 49,471 shares in the company, valued at $1,561,304.76. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Hansel E. Tookes II sold 6,513 shares of the company’s stock in a transaction dated Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the sale, the director now owns 88,946 shares in the company, valued at $2,810,693.60. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 294,561 shares of company stock worth $9,254,498. Company insiders own 0.59% of the company’s stock.
Several hedge funds have recently bought and sold shares of GLW. Mn Services Vermogensbeheer B.V. increased its position in shares of Corning by 496.6% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 151,344 shares of the electronics maker’s stock worth $4,548,000 after purchasing an additional 125,976 shares during the last quarter. James Investment Research Inc. increased its position in shares of Corning by 49.0% in the second quarter. James Investment Research Inc. now owns 874,642 shares of the electronics maker’s stock worth $26,283,000 after purchasing an additional 287,807 shares during the last quarter. Eqis Capital Management Inc. increased its position in shares of Corning by 39.6% in the second quarter. Eqis Capital Management Inc. now owns 36,771 shares of the electronics maker’s stock worth $1,105,000 after purchasing an additional 10,440 shares during the last quarter. OLD National Bancorp IN increased its position in shares of Corning by 6.6% in the second quarter. OLD National Bancorp IN now owns 76,881 shares of the electronics maker’s stock worth $2,311,000 after purchasing an additional 4,761 shares during the last quarter. Finally, Legacy Private Trust Co. increased its position in shares of Corning by 1.3% in the second quarter. Legacy Private Trust Co. now owns 51,440 shares of the electronics maker’s stock worth $1,546,000 after purchasing an additional 680 shares during the last quarter. Institutional investors own 72.43% of the company’s stock.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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