JPMorgan Chase & Co. Boosts Corning (NYSE:GLW) Price Target to $37.00

Corning (NYSE:GLW) had its price objective upped by JPMorgan Chase & Co. from $36.00 to $37.00 in a research report sent to investors on Wednesday morning, Benzinga reports. The brokerage currently has a neutral rating on the electronics maker’s stock.

Several other research firms have also recently issued reports on GLW. Susquehanna reiterated a positive rating and issued a $40.00 price objective on shares of Corning in a report on Monday, April 1st. StockNews.com upgraded Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Morgan Stanley reissued an overweight rating and issued a $35.00 price objective on shares of Corning in a research note on Monday, April 22nd. HSBC cut shares of Corning from a hold rating to a reduce rating and set a $29.00 target price on the stock. in a research note on Thursday, February 1st. Finally, UBS Group increased their target price on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a research report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $34.89.

Corning Stock Performance

NYSE GLW opened at $33.72 on Wednesday. The stock has a market capitalization of $28.84 billion, a price-to-earnings ratio of 47.49, a PEG ratio of 1.71 and a beta of 1.07. The stock has a 50-day moving average of $32.36 and a 200 day moving average of $30.61. The company has a current ratio of 1.67, a quick ratio of 1.05 and a debt-to-equity ratio of 0.61. Corning has a twelve month low of $25.26 and a twelve month high of $36.01.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate of $0.36 by $0.02. The company had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm’s revenue was down 11.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.41 EPS. Sell-side analysts anticipate that Corning will post 1.9 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Friday, May 31st. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Insider Buying and Selling at Corning

In other news, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the sale, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Corning news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Lewis A. Steverson sold 29,978 shares of the company’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total value of $990,772.90. Following the completion of the transaction, the executive vice president now directly owns 31,294 shares in the company, valued at approximately $1,034,266.70. The disclosure for this sale can be found here. Insiders have sold 119,988 shares of company stock worth $3,984,964 in the last ninety days. 0.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Corning

A number of institutional investors and hedge funds have recently made changes to their positions in GLW. FDx Advisors Inc. raised its position in Corning by 7.3% in the first quarter. FDx Advisors Inc. now owns 35,115 shares of the electronics maker’s stock valued at $1,157,000 after purchasing an additional 2,399 shares during the period. Larson Financial Group LLC lifted its stake in Corning by 199.5% during the 1st quarter. Larson Financial Group LLC now owns 3,262 shares of the electronics maker’s stock worth $108,000 after acquiring an additional 2,173 shares in the last quarter. Wellington Shields & Co. LLC boosted its holdings in Corning by 51.4% during the 1st quarter. Wellington Shields & Co. LLC now owns 29,456 shares of the electronics maker’s stock valued at $971,000 after acquiring an additional 10,000 shares during the period. BI Asset Management Fondsmaeglerselskab A S grew its position in Corning by 119.5% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 27,087 shares of the electronics maker’s stock valued at $893,000 after acquiring an additional 14,744 shares in the last quarter. Finally, Peoples Bank OH purchased a new stake in Corning during the first quarter worth about $206,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

About Corning

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.