Corning Incorporated (NYSE:GLW) had its price objective raised by Citigroup Inc. from $30.00 to $32.00 in a research note published on Wednesday, October 25th. Citigroup Inc. currently has a neutral rating on the electronics maker’s stock.
Several other analysts have also commented on the stock. Vetr upgraded shares of Corning from a buy rating to a strong-buy rating and set a $33.69 price objective for the company in a report on Tuesday, July 4th. BidaskClub upgraded shares of Corning from a hold rating to a buy rating in a report on Saturday, August 26th. Drexel Hamilton reiterated a sell rating and set a $17.50 target price on shares of Corning in a report on Wednesday, July 26th. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Corning in a report on Thursday, July 27th. Finally, Guggenheim reiterated a buy rating and set a $35.00 target price on shares of Corning in a report on Tuesday, October 24th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. Corning currently has a consensus rating of Hold and a consensus target price of $29.28.
Shares of Corning (NYSE:GLW) traded down $0.06 on Wednesday, reaching $31.73. 3,346,200 shares of the company’s stock traded hands, compared to its average volume of 6,472,810. The company has a quick ratio of 2.14, a current ratio of 2.69 and a debt-to-equity ratio of 0.26. Corning has a twelve month low of $23.11 and a twelve month high of $32.33. The stock has a market capitalization of $27,575.18, a price-to-earnings ratio of 18.24, a PEG ratio of 2.64 and a beta of 1.33.
Corning (NYSE:GLW) last issued its quarterly earnings data on Tuesday, October 24th. The electronics maker reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.41 by $0.02. Corning had a net margin of 24.98% and a return on equity of 11.53%. The business had revenue of $2.61 billion during the quarter, compared to analyst estimates of $2.59 billion. During the same period last year, the business posted $0.42 earnings per share. Corning’s quarterly revenue was up 4.0% compared to the same quarter last year. analysts anticipate that Corning will post 1.7 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Thursday, November 16th will be given a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 1.95%. The ex-dividend date of this dividend is Wednesday, November 15th. Corning’s dividend payout ratio (DPR) is presently 26.38%.
In other Corning news, Director Hansel E. Tookes II sold 6,513 shares of Corning stock in a transaction that occurred on Wednesday, October 25th. The shares were sold at an average price of $31.60, for a total value of $205,810.80. Following the completion of the sale, the director now owns 88,946 shares of the company’s stock, valued at approximately $2,810,693.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Mark S. Rogus sold 9,242 shares of Corning stock in a transaction that occurred on Tuesday, November 7th. The stock was sold at an average price of $32.12, for a total transaction of $296,853.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 422,449 shares of company stock valued at $12,907,983. 0.59% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of GLW. GLG Partners LP bought a new stake in shares of Corning during the 2nd quarter valued at $102,000. Jacobus Wealth Management Inc. bought a new stake in shares of Corning during the 1st quarter valued at $108,000. MPS Loria Financial Planners LLC bought a new stake in shares of Corning during the 2nd quarter valued at $112,000. Benjamin F. Edwards & Company Inc. grew its position in shares of Corning by 241.6% during the 3rd quarter. Benjamin F. Edwards & Company Inc. now owns 3,747 shares of the electronics maker’s stock valued at $112,000 after acquiring an additional 2,650 shares during the period. Finally, Central Bank & Trust Co. grew its position in shares of Corning by 8.8% during the 2nd quarter. Central Bank & Trust Co. now owns 4,264 shares of the electronics maker’s stock valued at $128,000 after acquiring an additional 345 shares during the period. 73.19% of the stock is owned by hedge funds and other institutional investors.
Corning Company Profile
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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