BidaskClub lowered shares of Corning Incorporated (NYSE:GLW) from a strong-buy rating to a buy rating in a research note released on Monday, July 31st.
Several other research analysts also recently commented on GLW. Susquehanna Bancshares Inc reissued a positive rating on shares of Corning in a report on Thursday, July 13th. Jefferies Group LLC reissued a hold rating and issued a $29.50 price target on shares of Corning in a report on Thursday, July 27th. Vetr raised shares of Corning from a buy rating to a strong-buy rating and set a $33.69 price objective for the company in a report on Thursday, July 27th. Drexel Hamilton reaffirmed a sell rating on shares of Corning in a report on Monday, June 19th. Finally, Morgan Stanley reiterated an equal weight rating and issued a $29.00 target price (up previously from $26.00) on shares of Corning in a research report on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of Hold and a consensus price target of $28.08.
Shares of Corning (GLW) traded up 0.04% during midday trading on Monday, hitting $27.88. The company had a trading volume of 5,178,017 shares. The company’s 50-day moving average price is $30.00 and its 200 day moving average price is $28.60. The company has a market capitalization of $25.18 billion, a price-to-earnings ratio of 12.45 and a beta of 1.40. Corning has a 12-month low of $22.14 and a 12-month high of $32.17.
Corning (NYSE:GLW) last announced its quarterly earnings results on Wednesday, July 26th. The electronics maker reported $0.42 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.02. Corning had a net margin of 24.16% and a return on equity of 11.67%. The firm had revenue of $2.59 billion during the quarter, compared to the consensus estimate of $2.54 billion. During the same period last year, the firm earned $0.37 EPS. The business’s quarterly revenue was up 6.1% compared to the same quarter last year. Equities research analysts predict that Corning will post $1.71 earnings per share for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, August 31st will be paid a dividend of $0.155 per share. This represents a $0.62 annualized dividend and a yield of 2.22%. The ex-dividend date of this dividend is Tuesday, August 29th. Corning’s payout ratio is currently 27.93%.
In other news, insider Lisa Ferrero sold 56,500 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The shares were sold at an average price of $29.09, for a total value of $1,643,585.00. Following the transaction, the insider now owns 16,808 shares in the company, valued at $488,944.72. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Wendell P. Weeks sold 153,500 shares of the company’s stock in a transaction that occurred on Monday, June 5th. The stock was sold at an average price of $29.58, for a total transaction of $4,540,530.00. Following the completion of the transaction, the chief executive officer now owns 76,750 shares in the company, valued at approximately $2,270,265. The disclosure for this sale can be found here. Insiders have sold 357,700 shares of company stock worth $10,519,405 in the last three months. 0.59% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently modified their holdings of GLW. Toronto Dominion Bank increased its position in shares of Corning by 23.9% in the second quarter. Toronto Dominion Bank now owns 316,005 shares of the electronics maker’s stock valued at $9,494,000 after buying an additional 61,040 shares in the last quarter. Oak Associates Ltd. OH increased its position in shares of Corning by 19.3% in the second quarter. Oak Associates Ltd. OH now owns 383,301 shares of the electronics maker’s stock valued at $11,518,000 after buying an additional 62,001 shares in the last quarter. Cookson Peirce & Co. Inc. increased its position in shares of Corning by 0.9% in the second quarter. Cookson Peirce & Co. Inc. now owns 554,470 shares of the electronics maker’s stock valued at $16,662,000 after buying an additional 4,970 shares in the last quarter. Cetera Investment Advisers purchased a new position in shares of Corning during the second quarter valued at about $206,000. Finally, Advisory Services Network LLC increased its position in shares of Corning by 42.2% in the second quarter. Advisory Services Network LLC now owns 39,109 shares of the electronics maker’s stock valued at $1,175,000 after buying an additional 11,609 shares in the last quarter. Hedge funds and other institutional investors own 73.87% of the company’s stock.
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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