Corning Incorporated (NYSE:GLW) Receives Average Recommendation of “Hold” from Brokerages

Shares of Corning Incorporated (NYSE:GLWGet Free Report) have been assigned a consensus rating of “Hold” from the ten research firms that are currently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, four have issued a hold recommendation and five have given a buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $35.90.

GLW has been the topic of a number of recent research reports. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a research report on Monday, April 1st. Mizuho initiated coverage on Corning in a research report on Tuesday, May 7th. They issued a “neutral” rating and a $36.00 target price on the stock. UBS Group lifted their target price on Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a research report on Thursday. StockNews.com raised Corning from a “sell” rating to a “hold” rating in a research report on Monday, April 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $35.00 target price on shares of Corning in a research report on Monday, April 22nd.

Get Our Latest Report on Corning

Corning Price Performance

Shares of GLW opened at $37.27 on Friday. 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 1 year low of $25.26 and a 1 year high of $37.28. The stock has a market cap of $31.92 billion, a P/E ratio of 52.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.07. The stock’s 50-day moving average price is $33.45 and its two-hundred day moving average price is $31.74.

Corning (NYSE:GLWGet Free Report) last issued its earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.36 by $0.02. Corning had a return on equity of 12.31% and a net margin of 4.96%. The firm had revenue of $2.98 billion for the quarter, compared to analysts’ expectations of $3.12 billion. During the same quarter last year, the business earned $0.41 earnings per share. The company’s revenue was down 11.5% compared to the same quarter last year. On average, equities analysts predict that Corning will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 27th. Shareholders of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date is Friday, May 31st. Corning’s dividend payout ratio is 157.75%.

Insider Buying and Selling at Corning

In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Lewis A. Steverson sold 29,978 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $33.05, for a total transaction of $990,772.90. Following the sale, the executive vice president now directly owns 31,294 shares of the company’s stock, valued at approximately $1,034,266.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Martin J. Curran sold 16,416 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $33.70, for a total value of $553,219.20. Following the sale, the vice president now directly owns 65,598 shares in the company, valued at $2,210,652.60. The disclosure for this sale can be found here. Insiders have sold a total of 239,841 shares of company stock valued at $7,971,257 in the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Corning

Large investors have recently bought and sold shares of the business. Alaska Permanent Fund Corp raised its position in Corning by 0.4% in the first quarter. Alaska Permanent Fund Corp now owns 83,551 shares of the electronics maker’s stock valued at $2,754,000 after purchasing an additional 329 shares during the last quarter. Level Four Advisory Services LLC raised its position in Corning by 3.8% in the fourth quarter. Level Four Advisory Services LLC now owns 9,411 shares of the electronics maker’s stock valued at $287,000 after purchasing an additional 343 shares during the last quarter. Madison Asset Management LLC raised its position in Corning by 0.7% in the fourth quarter. Madison Asset Management LLC now owns 53,113 shares of the electronics maker’s stock valued at $1,617,000 after purchasing an additional 349 shares during the last quarter. Patron Partners LLC raised its position in Corning by 2.4% in the first quarter. Patron Partners LLC now owns 14,761 shares of the electronics maker’s stock valued at $487,000 after purchasing an additional 349 shares during the last quarter. Finally, First Trust Direct Indexing L.P. raised its position in Corning by 4.1% in the first quarter. First Trust Direct Indexing L.P. now owns 9,206 shares of the electronics maker’s stock valued at $303,000 after purchasing an additional 361 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

Corning Company Profile

(Get Free Report

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.

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Analyst Recommendations for Corning (NYSE:GLW)

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