Corning (NYSE:GLW) Price Target Raised to $39.00 at Deutsche Bank Aktiengesellschaft

Corning (NYSE:GLW) had its target price upped by Deutsche Bank Aktiengesellschaft from $35.00 to $39.00 in a report released on Wednesday morning, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a hold rating on the electronics maker’s stock.

Other research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. raised shares of Corning from a neutral rating to an overweight rating and raised their target price for the stock from $37.00 to $43.00 in a report on Thursday, May 30th. Citigroup boosted their target price on shares of Corning from $38.00 to $45.00 and gave the stock a buy rating in a research note on Friday, June 21st. Susquehanna reissued a positive rating and set a $40.00 target price on shares of Corning in a research note on Monday, April 1st. Bank of America boosted their price target on shares of Corning from $38.00 to $42.00 and gave the stock a buy rating in a research report on Friday, June 14th. Finally, Morgan Stanley lowered shares of Corning from an overweight rating to an equal weight rating and boosted their target price for the company from $35.00 to $38.00 in a report on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $39.42.

Corning Price Performance

Shares of GLW opened at $38.42 on Wednesday. The company has a market cap of $32.91 billion, a price-to-earnings ratio of 54.11, a price-to-earnings-growth ratio of 1.77 and a beta of 1.05. Corning has a twelve month low of $25.26 and a twelve month high of $40.46. The company has a quick ratio of 1.02, a current ratio of 1.67 and a debt-to-equity ratio of 0.61. The company has a 50 day moving average of $36.25 and a two-hundred day moving average of $33.28.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, April 30th. The electronics maker reported $0.38 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $3.12 billion. During the same period in the previous year, the firm posted $0.41 earnings per share. The business’s revenue for the quarter was down 11.5% compared to the same quarter last year. As a group, analysts predict 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 Friday, September 27th. Investors of record on Friday, August 30th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend is Thursday, August 29th. Corning’s payout ratio is currently 157.75%.

Insider Buying and Selling at Corning

In other news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the sale, the senior vice president now directly owns 11,355 shares in the company, valued at approximately $379,484.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, VP Jeffrey W. Evenson sold 12,830 shares of Corning stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $37.39, for a total transaction of $479,713.70. Following the sale, the vice president now directly owns 57,280 shares in the company, valued at approximately $2,141,699.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction on Thursday, May 2nd. The stock was sold at an average price of $33.42, for a total transaction of $419,287.32. Following the transaction, the senior vice president now directly owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 175,207 shares of company stock valued at $5,876,067. Insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. First Financial Bank Trust Division purchased a new stake in shares of Corning in the second quarter valued at about $3,242,000. Massmutual Trust Co. FSB ADV lifted its stake in shares of Corning by 3.7% in the second quarter. Massmutual Trust Co. FSB ADV now owns 58,889 shares of the electronics maker’s stock valued at $2,288,000 after purchasing an additional 2,112 shares during the period. GAMMA Investing LLC lifted its stake in shares of Corning by 46.1% in the second quarter. GAMMA Investing LLC now owns 2,042 shares of the electronics maker’s stock valued at $79,000 after purchasing an additional 644 shares during the period. Transcend Capital Advisors LLC acquired a new position in Corning during the second quarter worth about $350,000. Finally, Old Port Advisors raised its position in Corning by 4.4% during the first quarter. Old Port Advisors now owns 95,393 shares of the electronics maker’s stock worth $3,144,000 after acquiring an additional 4,006 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other 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.