Corning (NYSE:GLW) PT Raised to $51.00 at Bank of America

Corning (NYSE:GLW) had its price objective hoisted by Bank of America from $46.00 to $51.00 in a research report released on Friday, Benzinga reports. Bank of America currently has a buy rating on the electronics maker’s stock.

A number of other equities research analysts have also recently issued reports on GLW. HSBC upgraded Corning from a reduce rating to a hold rating and set a $37.00 price objective on the stock in a research note on Tuesday, July 9th. Deutsche Bank Aktiengesellschaft raised shares of Corning from a hold rating to a buy rating and set a $46.00 price target on the stock in a research report on Wednesday, July 31st. Citigroup raised their price objective on shares of Corning from $45.00 to $51.00 and gave the stock a buy rating in a report on Friday, July 12th. Mizuho raised shares of Corning from a neutral rating to an outperform rating and boosted their target price for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Finally, JPMorgan Chase & Co. raised their price target on Corning from $47.00 to $55.00 and gave the stock an overweight rating in a report on Monday, July 29th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of Moderate Buy and a consensus target price of $47.00.

Corning Stock Up 0.2 %

GLW opened at $44.50 on Friday. The company’s 50-day moving average price is $41.73 and its two-hundred day moving average price is $37.51. The company has a quick ratio of 0.98, a current ratio of 1.57 and a debt-to-equity ratio of 0.63. Corning has a twelve month low of $25.26 and a twelve month high of $46.39. The stock has a market cap of $38.08 billion, a price-to-earnings ratio of 62.68, a PEG ratio of 1.66 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 EPS for the quarter, beating the consensus estimate of $0.46 by $0.01. Corning had a return on equity of 12.69% and a net margin of 3.53%. The business had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same quarter in the prior year, the business earned $0.45 earnings per share. Corning’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, equities analysts expect that Corning will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, September 27th. Shareholders 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 2.52%. The ex-dividend date is Friday, August 30th. Corning’s dividend payout ratio (DPR) is currently 157.75%.

Hedge Funds Weigh In On Corning

Institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD boosted its stake in Corning by 35.1% in 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 buying an additional 4,464,893 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of Corning by 9.0% in the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock valued at $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Corning by 41.7% during the 4th quarter. Goldman Sachs Group Inc. now owns 6,212,356 shares of the electronics maker’s stock valued at $189,166,000 after purchasing an additional 1,828,097 shares during the last quarter. Natixis raised its position in Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock worth $59,585,000 after purchasing an additional 1,735,638 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in Corning by 10,626.4% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,013,000 shares of the electronics maker’s stock worth $33,388,000 after purchasing an additional 1,003,556 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors.

About Corning

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.