Corning Incorporated (NYSE:GLW) Given Average Recommendation of “Hold” by Brokerages

Corning Incorporated (NYSE:GLW) has been assigned a consensus rating of “Hold” from the nine research firms that are presently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and four have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $34.89.

Several research analysts have recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Corning from $36.00 to $37.00 and gave the stock a “neutral” rating in a report on Wednesday, May 1st. HSBC downgraded Corning from a “hold” rating to a “reduce” rating and set a $29.00 price target on the stock. in a report on Thursday, February 1st. Susquehanna reaffirmed a “positive” rating and set a $40.00 price objective on shares of Corning in a research report on Monday, April 1st. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, UBS Group boosted 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.

Insider Buying and Selling

In related news, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Corning news, Vice Chairman Lawrence D. Mcrae sold 77,464 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $33.24, for a total transaction of $2,574,903.36. Following the completion of the sale, the insider now directly owns 215,254 shares in the company, valued at approximately $7,155,042.96. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Lewis A. Steverson sold 29,978 shares of the business’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now owns 31,294 shares of the company’s stock, valued at $1,034,266.70. The disclosure for this sale can be found here. Insiders sold a total of 119,988 shares of company stock worth $3,984,964 in the last three months. Insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Natixis Advisors L.P. lifted its holdings in shares of Corning by 5.9% in the 3rd quarter. Natixis Advisors L.P. now owns 101,322 shares of the electronics maker’s stock valued at $3,087,000 after acquiring an additional 5,616 shares during the last quarter. KMG Fiduciary Partners LLC acquired a new stake in shares of Corning during the fourth quarter worth $1,199,000. Socha Financial Group LLC lifted its stake in shares of Corning by 8.8% during the fourth quarter. Socha Financial Group LLC now owns 343,624 shares of the electronics maker’s stock worth $10,463,000 after buying an additional 27,772 shares during the period. HB Wealth Management LLC raised its holdings in shares of Corning by 24.2% during the fourth quarter. HB Wealth Management LLC now owns 9,871 shares of the electronics maker’s stock worth $301,000 after purchasing an additional 1,926 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of Corning by 59.8% during the fourth quarter. SG Americas Securities LLC now owns 108,358 shares of the electronics maker’s stock worth $3,300,000 after purchasing an additional 40,564 shares during the last quarter. 69.80% of the stock is currently owned by hedge funds and other institutional investors.

Corning Stock Down 0.8 %

GLW opened at $33.44 on Tuesday. The company has a market cap of $28.65 billion, a P/E ratio of 47.10, a P/E/G ratio of 1.71 and a beta of 1.07. The business’s 50-day moving average price is $32.38 and its 200-day moving average price is $30.69. The company has a current ratio of 1.67, a quick ratio of 1.02 and a debt-to-equity ratio of 0.61. Corning has a 12 month low of $25.26 and a 12 month high of $36.01.

Corning (NYSE:GLW) last released its quarterly earnings data 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 firm had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.12 billion. Corning had a return on equity of 12.31% and a net margin of 4.96%. The company’s quarterly revenue was down 11.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.41 earnings per share. On average, equities analysts expect that Corning will post 1.9 EPS for the current year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 dividend on an annualized basis and a yield of 3.35%. Corning’s payout ratio is currently 157.75%.

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.