Corning Incorporated (NYSE:GLW) Given Consensus Rating of “Moderate Buy” by Analysts

Corning Incorporated (NYSE:GLW) has received an average rating of “Moderate Buy” from the fourteen analysts that are presently covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $53.31.

A number of research firms recently issued reports on GLW. HSBC upgraded Corning from a “hold” rating to a “buy” rating and boosted their price objective for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Mizuho set a $52.00 price target on shares of Corning in a report on Tuesday, April 15th. Barclays cut their price objective on shares of Corning from $53.00 to $52.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 29th. StockNews.com lowered shares of Corning from a “buy” rating to a “hold” rating in a report on Tuesday, February 25th. Finally, JPMorgan Chase & Co. cut their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating for the company in a report on Thursday, April 17th.

Corning Trading Down 1.8 %

Shares of Corning stock opened at $40.77 on Tuesday. 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 $34.93 billion, a P/E ratio of 70.29, a P/E/G ratio of 1.50 and a beta of 1.03. Corning has a 52-week low of $31.20 and a 52-week high of $55.33. The stock’s 50-day simple moving average is $46.19 and its 200 day simple moving average is $47.66.

Corning (NYSE:GLW) last posted its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. As a group, research analysts anticipate that Corning will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders 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 yield of 2.75%. Corning’s dividend payout ratio (DPR) is currently 193.10%.

Insider Buying and Selling at Corning

In other Corning news, 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 value of $1,557,600.00. Following the sale, the chief operating officer now directly owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. The trade was a 16.40 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, SVP Michael Alan Bell sold 2,209 shares of Corning stock in a transaction dated Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. 0.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Corning

Several institutional investors and hedge funds have recently made changes to their positions in GLW. Oregon Public Employees Retirement Fund boosted its stake in Corning by 0.3% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 66,063 shares of the electronics maker’s stock valued at $3,139,000 after purchasing an additional 204 shares during the last quarter. Principal Securities Inc. boosted its position in shares of Corning by 3.5% during the fourth quarter. Principal Securities Inc. now owns 6,170 shares of the electronics maker’s stock valued at $293,000 after buying an additional 211 shares during the last quarter. University of Texas Texas AM Investment Management Co. increased its holdings in Corning by 9.7% in the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker’s stock worth $115,000 after buying an additional 214 shares in the last quarter. Bogart Wealth LLC raised its position in Corning by 18.3% in the 4th quarter. Bogart Wealth LLC now owns 1,419 shares of the electronics maker’s stock worth $67,000 after buying an additional 219 shares during the last quarter. Finally, Buffington Mohr McNeal lifted its stake in Corning by 2.1% during the 4th quarter. Buffington Mohr McNeal now owns 10,461 shares of the electronics maker’s stock valued at $497,000 after acquiring an additional 220 shares during the period. Institutional investors own 69.80% of the company’s stock.

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.