Corning (NYSE:GLW) Price Target Lowered to $40.00 at Susquehanna Bancshares

Corning (NYSE:GLWGet Rating) had its price objective cut by Susquehanna Bancshares from $46.00 to $40.00 in a report published on Friday, Stock Target Advisor reports. They currently have a positive rating on the electronics maker’s stock.

Several other equities analysts have also recently commented on the stock. Credit Suisse Group began coverage on shares of Corning in a research note on Tuesday, August 16th. They set a neutral rating and a $36.00 target price for the company. Citigroup dropped their target price on shares of Corning from $37.00 to $36.00 and set a neutral rating for the company in a research report on Friday. Susquehanna decreased their price objective on shares of Corning from $46.00 to $40.00 and set a positive rating on the stock in a report on Friday. UBS Group decreased their price objective on shares of Corning to $40.00 and set an outperform rating on the stock in a report on Wednesday, July 27th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Corning from $45.00 to $41.00 and set an overweight rating on the stock in a research note on Thursday, July 14th. Five analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $40.64.

Corning Stock Up 1.6 %

GLW stock opened at $33.64 on Friday. Corning has a 52-week low of $30.63 and a 52-week high of $43.47. The company’s 50 day simple moving average is $34.63 and its 200-day simple moving average is $35.21. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.43 and a quick ratio of 0.91. The firm has a market capitalization of $28.44 billion, a P/E ratio of 14.44, a P/E/G ratio of 2.29 and a beta of 1.00.

Corning (NYSE:GLWGet Rating) last posted its earnings results on Tuesday, July 26th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. The company had revenue of $3.76 billion during the quarter, compared to the consensus estimate of $3.79 billion. Corning had a net margin of 13.73% and a return on equity of 15.38%. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.53 earnings per share. As a group, equities research analysts anticipate that Corning will post 2.23 EPS for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 29th. Stockholders of record on Wednesday, August 31st will be paid a $0.27 dividend. This represents a $1.08 annualized dividend and a dividend yield of 3.21%. The ex-dividend date is Tuesday, August 30th. Corning’s dividend payout ratio is currently 46.35%.

Insider Activity

In other news, SVP John P. Bayne, Jr. sold 5,575 shares of the company’s stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $36.70, for a total value of $204,602.50. Following the completion of the transaction, the senior vice president now owns 7,345 shares of the company’s stock, valued at $269,561.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.36% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in GLW. Norges Bank bought a new stake in Corning in the fourth quarter valued at approximately $281,919,000. Price T Rowe Associates Inc. MD boosted its holdings in Corning by 37.4% in the second quarter. Price T Rowe Associates Inc. MD now owns 20,008,558 shares of the electronics maker’s stock valued at $630,470,000 after acquiring an additional 5,451,525 shares during the last quarter. California Public Employees Retirement System boosted its holdings in Corning by 109.6% in the second quarter. California Public Employees Retirement System now owns 3,151,038 shares of the electronics maker’s stock valued at $99,289,000 after acquiring an additional 1,647,814 shares during the last quarter. Prudential Financial Inc. boosted its holdings in Corning by 197.7% in the first quarter. Prudential Financial Inc. now owns 2,033,754 shares of the electronics maker’s stock valued at $75,066,000 after acquiring an additional 1,350,499 shares during the last quarter. Finally, Envestnet Asset Management Inc. boosted its holdings in Corning by 77.1% in the first quarter. Envestnet Asset Management Inc. now owns 3,083,940 shares of the electronics maker’s stock valued at $113,828,000 after acquiring an additional 1,342,976 shares during the last quarter. Institutional investors and hedge funds own 69.00% of the company’s stock.

About Corning

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

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