Corning Incorporated (NYSE:GLW) Receives Average Rating of “Moderate Buy” from Analysts

Corning Incorporated (NYSE:GLW) has earned a consensus rating of “Moderate Buy” from the thirteen ratings firms that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, nine have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $53.75.

Several brokerages recently commented on GLW. JPMorgan Chase & Co. cut their price target on shares of Corning from $62.00 to $50.00 and set an “overweight” rating on the stock in a research note on Thursday, April 17th. Mizuho set a $52.00 price target on shares of Corning in a research note on Tuesday, April 15th. Oppenheimer cut their price target on shares of Corning from $58.00 to $55.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 30th. Bank of America lifted their price objective on shares of Corning from $65.00 to $68.00 and gave the company a “buy” rating in a research note on Wednesday, March 19th. Finally, Citigroup dropped their price objective on shares of Corning from $58.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, April 14th.

Insiders Place Their Bets

In other news, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction dated Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP John Z. Zhang sold 9,610 shares of the business’s stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total transaction of $473,676.90. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 75,796 shares of company stock valued at $3,632,635. Corporate insiders own 0.40% of the company’s stock.

Institutional Trading of Corning

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in Corning by 0.9% during the fourth quarter. Vanguard Group Inc. now owns 99,903,247 shares of the electronics maker’s stock worth $4,747,402,000 after buying an additional 916,528 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Corning by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 18,470,610 shares of the electronics maker’s stock worth $875,633,000 after buying an additional 533,686 shares in the last quarter. Northern Trust Corp boosted its holdings in Corning by 2.0% during the fourth quarter. Northern Trust Corp now owns 10,870,375 shares of the electronics maker’s stock worth $516,560,000 after buying an additional 208,826 shares in the last quarter. Norges Bank purchased a new stake in shares of Corning in the fourth quarter valued at about $490,933,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 0.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 9,800,573 shares of the electronics maker’s stock valued at $465,723,000 after purchasing an additional 78,497 shares in the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Corning stock opened at $53.09 on Friday. The stock has a market cap of $45.47 billion, a P/E ratio of 102.10, a price-to-earnings-growth ratio of 1.43 and a beta of 1.11. The company has a fifty day simple moving average of $49.10 and a 200-day simple moving average of $48.09. Corning has a 12-month low of $37.18 and a 12-month high of $55.33. The company has a current ratio of 1.69, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62.

Corning (NYSE:GLW) last announced its quarterly earnings results on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The firm had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the business earned $0.38 EPS. Corning’s revenue for the quarter was up 12.9% compared to the same quarter last year. Equities analysts expect that Corning will post 2.33 EPS for the current fiscal year.

Corning Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.11%. The ex-dividend date of this dividend is Friday, August 29th. Corning’s payout ratio is 215.38%.

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.