Corning Incorporated (NYSE:GLW) Receives Consensus Recommendation of “Moderate Buy” from Analysts

Corning Incorporated (NYSE:GLW) has been given a consensus rating of “Moderate Buy” by the fourteen brokerages that are presently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold rating and nine have issued a buy rating on the company. The average 12 month target price among analysts that have covered the stock in the last year is $50.08.

A number of research analysts have issued reports on the company. Oppenheimer reissued an “outperform” rating and issued a $58.00 price target (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. UBS Group raised their target price on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. Bank of America boosted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a research note on Thursday, October 31st. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Corning from $49.00 to $54.00 and gave the company a “buy” rating in a research report on Wednesday, October 30th.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares of the company’s stock, valued at approximately $324,213. This represents a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. City Holding Co. grew its stake in Corning by 545.5% during the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock worth $32,000 after purchasing an additional 600 shares in the last quarter. Accordant Advisory Group Inc acquired a new stake in Corning in the second quarter valued at approximately $39,000. Cassady Schiller Wealth Management LLC purchased a new position in Corning in the third quarter worth approximately $39,000. RPg Family Wealth Advisory LLC acquired a new position in Corning during the 3rd quarter worth approximately $40,000. Finally, Global Trust Asset Management LLC increased its position in shares of Corning by 2,250.0% in the 3rd quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after purchasing an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Price Performance

Shares of NYSE GLW opened at $48.50 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.66. Corning has a fifty-two week low of $27.57 and a fifty-two week high of $51.03. The company has a market cap of $41.52 billion, a PE ratio of 285.26, a P/E/G ratio of 1.51 and a beta of 1.03. The business has a 50-day simple moving average of $46.33 and a two-hundred day simple moving average of $41.96.

Corning (NYSE:GLW) last announced its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. The firm had revenue of $3.39 billion during the quarter, compared to analysts’ expectations of $3.72 billion. Corning had a return on equity of 13.45% and a net margin of 1.24%. The company’s revenue for the quarter was up 6.9% compared to the same quarter last year. During the same period last year, the business posted $0.45 earnings per share. As a group, equities analysts expect that Corning will post 1.95 EPS for the current fiscal year.

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio (DPR) is 658.82%.

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.