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

Corning Incorporated (NYSE:GLW) has been given a consensus recommendation of “Hold” by the twelve research firms that are currently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell rating, five have given a hold rating and six have assigned a buy rating to the company. The average 12-month price target among analysts that have covered the stock in the last year is $38.67.

GLW has been the subject of a number of research analyst reports. StockNews.com raised shares of Corning from a “sell” rating to a “hold” rating in a report on Monday, April 1st. UBS Group raised their target price on shares of Corning from $35.00 to $38.00 and gave the company a “neutral” rating in a report on Thursday, May 30th. Susquehanna reissued a “positive” rating and issued a $40.00 target price on shares of Corning in a report on Monday, April 1st. Morgan Stanley lowered shares of Corning from an “overweight” rating to an “equal weight” rating and raised their target price for the company from $35.00 to $38.00 in a report on Thursday, June 13th. Finally, Fox Advisors upgraded Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, June 17th.

Insider Transactions at Corning

In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $37.39, for a total value of $479,713.70. Following the completion of the sale, the vice president now directly owns 57,280 shares in the company, valued at $2,141,699.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of Corning stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares of the company’s stock, valued at $379,484.10. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 175,207 shares of company stock worth $5,876,067. 0.45% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in shares of Corning by 9.0% during the fourth quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after acquiring an additional 2,597,878 shares during the last quarter. Morgan Stanley grew its stake in shares of Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after acquiring an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. grew its stake in shares of Corning by 15.0% during the third quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after acquiring an additional 2,301,745 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock worth $566,941,000 after purchasing an additional 4,464,893 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Corning by 1.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock worth $296,054,000 after purchasing an additional 146,807 shares during the period. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Trading Down 0.3 %

Shares of GLW opened at $39.78 on Wednesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning has a 1 year low of $25.26 and a 1 year high of $40.46. The company has a 50 day simple moving average of $35.52 and a two-hundred day simple moving average of $32.97. The firm has a market cap of $34.08 billion, a P/E ratio of 56.03, a price-to-earnings-growth ratio of 1.82 and a beta of 1.08.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The business had revenue of $2.98 billion during the quarter, compared to analyst estimates of $3.12 billion. During the same period last year, the firm posted $0.41 EPS. The company’s revenue was down 11.5% on a year-over-year basis. On average, equities analysts expect that Corning will post 1.9 earnings per share for the current fiscal year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 27th. Stockholders of record on Friday, May 31st will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, May 31st. This represents a $1.12 annualized dividend and a dividend yield of 2.82%. Corning’s dividend payout ratio (DPR) is 157.75%.

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.