Corning Incorporated (NYSE:GLW) Receives Average Rating of “Hold” from Analysts

Corning Incorporated (NYSE:GLW) has been given a consensus recommendation of “Hold” by the nine brokerages that are covering the company, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, four have given a hold recommendation and four have given a buy recommendation to the company. The average twelve-month target price among brokers that have covered the stock in the last year is $34.56.

Several research firms recently commented on GLW. JPMorgan Chase & Co. lifted their price target on Corning from $34.00 to $36.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Barclays lifted their target price on Corning from $28.00 to $35.00 and gave the stock an “equal weight” rating in a report on Wednesday, January 31st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. UBS Group raised their price target on Corning from $34.00 to $35.00 and gave the stock a “neutral” rating in a research report on Monday, April 8th. Finally, HSBC cut shares of Corning from a “hold” rating to a “reduce” rating and set a $29.00 price objective on the stock. in a research report on Thursday, February 1st.

Corning Stock Down 0.3 %

NYSE GLW opened at $30.89 on Friday. The stock has a 50 day moving average price of $32.33 and a 200-day moving average price of $30.38. Corning has a one year low of $25.26 and a one year high of $36.01. The company has a debt-to-equity ratio of 0.61, a quick ratio of 1.05 and a current ratio of 1.67. The company has a market capitalization of $26.42 billion, a P/E ratio of 46.10, a P/E/G ratio of 1.71 and a beta of 1.08.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 30th. The electronics maker reported $0.39 EPS for the quarter, meeting the consensus estimate of $0.39. Corning had a net margin of 4.62% and a return on equity of 12.31%. The business had revenue of $2.99 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same quarter last year, the business earned $0.47 earnings per share. Corning’s quarterly revenue was down 12.1% compared to the same quarter last year. As a group, equities analysts predict that Corning will post 1.87 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Thursday, February 29th were given a $0.28 dividend. The ex-dividend date was Wednesday, February 28th. This represents a $1.12 annualized dividend and a yield of 3.63%. Corning’s dividend payout ratio (DPR) is 167.16%.

Insiders Place Their Bets

In related news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $33.24, for a total value of $2,574,903.36. Following the completion of the sale, the insider now owns 215,254 shares in the company, valued at $7,155,042.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

Hedge funds have recently added to or reduced their stakes in the business. Peoples Bank KS purchased a new stake in shares of Corning in the 3rd quarter worth approximately $25,000. OFI Invest Asset Management bought a new position in Corning in the third quarter worth approximately $25,000. Janiczek Wealth Management LLC boosted its position in Corning by 173.6% during the 3rd quarter. Janiczek Wealth Management LLC now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 571 shares in the last quarter. Cape Investment Advisory Inc. increased its holdings in shares of Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after acquiring an additional 800 shares during the period. Finally, Quarry LP bought a new position in shares of Corning in the 2nd quarter worth $32,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.