Corning Incorporated (NYSE:GLW) Receives $45.62 Average Price Target from Analysts

Corning Incorporated (NYSE:GLW) has been given an average rating of “Moderate Buy” by the fourteen research firms that are presently covering the stock, MarketBeat.com reports. Five analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $45.62.

A number of research analysts recently weighed in on GLW shares. Bank of America lowered their target price on shares of Corning from $47.00 to $46.00 and set a “buy” rating on the stock in a research note on Wednesday, July 31st. HSBC upgraded shares of Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a report on Tuesday, July 9th. Susquehanna lifted their price target on shares of Corning from $40.00 to $46.00 and gave the company a “positive” rating in a report on Wednesday, July 31st. Barclays lifted their price target on shares of Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Finally, Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a report on Tuesday, July 9th.

Corning Stock Up 1.7 %

GLW opened at $41.85 on Monday. The company has a debt-to-equity ratio of 0.63, a quick ratio of 0.98 and a current ratio of 1.57. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $46.39. The firm’s fifty day moving average is $41.69 and its 200 day moving average is $37.02. The stock has a market cap of $35.81 billion, a price-to-earnings ratio of 58.94, a price-to-earnings-growth ratio of 1.57 and a beta of 1.04.

Corning (NYSE:GLW) last released its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion for the quarter, compared to analysts’ expectations of $3.55 billion. During the same quarter in the previous year, the company earned $0.45 EPS. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. On average, sell-side analysts forecast that Corning will post 1.91 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Investors of record on Friday, August 30th will be issued a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 30th. This represents a $1.12 annualized dividend and a yield of 2.68%. Corning’s payout ratio is 157.75%.

Hedge Funds Weigh In On Corning

Several hedge funds have recently added to or reduced their stakes in the company. Cape Investment Advisory Inc. boosted its position in Corning by 800.0% in the 4th quarter. Cape Investment Advisory Inc. now owns 900 shares of the electronics maker’s stock valued at $27,000 after buying an additional 800 shares during the period. Access Investment Management LLC purchased a new stake in Corning in the 1st quarter valued at about $28,000. EverSource Wealth Advisors LLC boosted its position in Corning by 347.3% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,060 shares of the electronics maker’s stock valued at $32,000 after buying an additional 823 shares during the period. Future Financial Wealth Managment LLC purchased a new stake in Corning in the 1st quarter valued at about $33,000. Finally, Register Financial Advisors LLC purchased a new stake in Corning in the 1st quarter valued at about $33,000. 69.80% of the stock is currently owned by 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.