Corning (GLW) Lifted to “Buy” at ValuEngine
ValuEngine upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a report published on Sunday morning.
A number of other equities research analysts have also recently commented on GLW. Guggenheim reiterated a buy rating and set a $35.00 target price on shares of Corning in a report on Thursday, September 21st. Jefferies Group reiterated a hold rating and set a $29.50 target price on shares of Corning in a report on Friday, October 6th. Zacks Investment Research cut Corning from a hold rating to a sell rating in a report on Friday, October 20th. Oppenheimer restated a hold rating on shares of Corning in a report on Wednesday, October 25th. Finally, Deutsche Bank raised their price objective on Corning from $33.00 to $35.00 and gave the stock a buy rating in a report on Wednesday, October 25th. Two analysts have rated the stock with a sell rating, ten have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Corning has an average rating of Hold and an average target price of $29.76.
Shares of Corning (NYSE GLW) opened at $32.62 on Friday. The firm has a market capitalization of $27,801.15, a P/E ratio of 13.88, a P/E/G ratio of 2.64 and a beta of 1.33. 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 has a fifty-two week low of $24.12 and a fifty-two week high of $32.81.
Corning (NYSE:GLW) last announced its earnings results on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.02. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Corning had a return on equity of 11.53% and a net margin of 24.98%. Corning’s quarterly revenue was up 4.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.42 EPS. analysts expect that Corning will post 1.7 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Thursday, November 16th were given a $0.155 dividend. This represents a $0.62 annualized dividend and a dividend yield of 1.90%. The ex-dividend date was Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is currently 26.38%.
In other Corning news, Director Deborah Rieman sold 2,083 shares of the firm’s stock in a transaction dated Thursday, December 14th. The stock was sold at an average price of $32.16, for a total value of $66,989.28. Following the transaction, the director now directly owns 102,896 shares of the company’s stock, valued at $3,309,135.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Wendell P. Weeks sold 248,857 shares of the firm’s stock in a transaction dated Tuesday, October 31st. The shares were sold at an average price of $31.37, for a total value of $7,806,644.09. Following the completion of the transaction, the chief executive officer now directly owns 65,333 shares in the company, valued at $2,049,496.21. The disclosure for this sale can be found here. Insiders sold a total of 348,320 shares of company stock worth $10,996,824 over the last ninety days. Corporate insiders own 0.59% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in GLW. Andra AP fonden grew its stake in shares of Corning by 3.4% during the second quarter. Andra AP fonden now owns 166,100 shares of the electronics maker’s stock valued at $4,991,000 after acquiring an additional 5,500 shares in the last quarter. BB&T Securities LLC grew its stake in shares of Corning by 33.6% during the second quarter. BB&T Securities LLC now owns 135,775 shares of the electronics maker’s stock valued at $4,080,000 after acquiring an additional 34,132 shares in the last quarter. Caxton Associates LP grew its stake in shares of Corning by 23.6% during the second quarter. Caxton Associates LP now owns 20,400 shares of the electronics maker’s stock valued at $613,000 after acquiring an additional 3,900 shares in the last quarter. Princeton Capital Management Inc. grew its stake in shares of Corning by 20.0% during the third quarter. Princeton Capital Management Inc. now owns 214,019 shares of the electronics maker’s stock valued at $6,403,000 after acquiring an additional 35,634 shares in the last quarter. Finally, GHP Investment Advisors Inc. grew its stake in shares of Corning by 16.9% during the second quarter. GHP Investment Advisors Inc. now owns 48,061 shares of the electronics maker’s stock valued at $1,444,000 after acquiring an additional 6,950 shares in the last quarter. 72.11% of the stock is currently owned by institutional investors.
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Corning Company Profile
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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