Corning (NYSE:GLW) Price Target Cut to $50.00 by Analysts at Citigroup

Corning (NYSE:GLW) had its price target lowered by Citigroup from $58.00 to $50.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the electronics maker’s stock.

GLW has been the topic of several other research reports. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 30th. Barclays lowered their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 29th. Morgan Stanley lifted their target price on shares of Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research report on Tuesday, December 17th. StockNews.com cut Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, March 19th. Four investment analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $53.69.

Corning Stock Up 0.8 %

Shares of Corning stock opened at $41.57 on Monday. The company has a 50-day simple moving average of $47.34 and a two-hundred day simple moving average of $47.78. Corning has a 52-week low of $30.72 and a 52-week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. The stock has a market capitalization of $35.62 billion, a PE ratio of 71.67, a price-to-earnings-growth ratio of 1.50 and a beta of 1.03.

Corning (NYSE:GLW) last announced its quarterly earnings data on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. On average, analysts anticipate that Corning will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Stockholders of record on Friday, February 28th were paid a $0.28 dividend. The ex-dividend date was Friday, February 28th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.69%. Corning’s dividend payout ratio (DPR) is presently 193.10%.

Insider Buying and Selling

In other Corning news, SVP Michael Alan Bell sold 2,209 shares of the stock in a transaction that occurred on Thursday, January 30th. The shares were sold at an average price of $49.87, for a total transaction of $110,162.83. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Eric S. Musser sold 30,000 shares of the business’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $51.92, for a total transaction of $1,557,600.00. Following the completion of the transaction, the chief operating officer now directly owns 152,944 shares in the company, valued at $7,940,852.48. This trade represents a 16.40 % decrease in their position. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GLW. Pallas Capital Advisors LLC purchased a new stake in Corning during the first quarter valued at $286,000. City Holding Co. increased its holdings in shares of Corning by 86.6% in the 1st quarter. City Holding Co. now owns 4,040 shares of the electronics maker’s stock worth $185,000 after buying an additional 1,875 shares during the last quarter. Portside Wealth Group LLC raised its position in shares of Corning by 7.0% during the 1st quarter. Portside Wealth Group LLC now owns 24,506 shares of the electronics maker’s stock valued at $1,122,000 after buying an additional 1,604 shares in the last quarter. First Citizens Bank & Trust Co. lifted its holdings in shares of Corning by 5.6% in the 1st quarter. First Citizens Bank & Trust Co. now owns 7,591 shares of the electronics maker’s stock valued at $348,000 after acquiring an additional 402 shares during the last quarter. Finally, KMG Fiduciary Partners LLC grew its position in Corning by 7.0% in the first quarter. KMG Fiduciary Partners LLC now owns 51,773 shares of the electronics maker’s stock worth $2,370,000 after acquiring an additional 3,397 shares in the last quarter. 69.80% of the stock is currently owned by institutional investors.

Corning Company Profile

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.