Corning (NYSE:GLW) Given New $53.00 Price Target at Barclays

Corning (NYSE:GLW) had its price target increased by Barclays from $40.00 to $53.00 in a research report sent to investors on Tuesday morning, Benzinga reports. Barclays currently has an equal weight rating on the electronics maker’s stock.

Several other brokerages also recently weighed in on GLW. Citigroup lifted their target price on Corning from $45.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, July 12th. Morgan Stanley restated an “equal weight” rating and issued a $39.00 price target on shares of Corning in a research note on Friday, July 26th. Mizuho upgraded Corning from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $44.00 to $47.00 in a research note on Wednesday, August 21st. Oppenheimer lifted their price target on Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Finally, HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 price target on the stock in a research note on Tuesday, July 9th. Six research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Corning presently has a consensus rating of “Moderate Buy” and an average price target of $48.23.

Corning Trading Up 4.7 %

Shares of GLW stock opened at $49.03 on Tuesday. The business’s 50 day moving average is $44.15 and its two-hundred day moving average is $40.11. Corning has a twelve month low of $26.37 and a twelve month high of $51.03. The company has a market capitalization of $42.00 billion, a P/E ratio of 69.06, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63.

Corning (NYSE:GLW) last announced its earnings results on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share 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 company had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.55 billion. During the same period last year, the business posted $0.45 EPS. The company’s revenue was up 3.5% on a year-over-year basis. Equities analysts forecast that Corning will post 1.91 EPS for the current year.

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a dividend of $0.28 per share. The ex-dividend date is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a yield of 2.28%. Corning’s payout ratio is 157.75%.

Hedge Funds Weigh In On Corning

Institutional investors have recently made changes to their positions in the stock. Access Investment Management LLC acquired a new position in shares of Corning in the first quarter worth $28,000. City Holding Co. raised its holdings in shares of Corning by 545.5% in the third quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after acquiring an additional 600 shares during the last quarter. ESL Trust Services LLC acquired a new position in shares of Corning in the first quarter worth $33,000. Accordant Advisory Group Inc acquired a new position in shares of Corning in the second quarter worth $39,000. Finally, Global Trust Asset Management LLC raised its holdings in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock worth $42,000 after acquiring an additional 900 shares during the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

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.