Corning Incorporated (GLW) Given Average Rating of “Buy” by Brokerages

Shares of Corning Incorporated (NYSE:GLW) have received an average rating of “Buy” from the ten ratings firms that are covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $35.86.

Several research firms have recently issued reports on GLW. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research report on Thursday, December 6th. ValuEngine cut Corning from a “buy” rating to a “hold” rating in a research report on Friday, January 4th.

NYSE:GLW opened at $34.61 on Wednesday. The stock has a market cap of $27.03 billion, a PE ratio of 19.44, a price-to-earnings-growth ratio of 1.96 and a beta of 1.17. Corning has a 1 year low of $26.11 and a 1 year high of $36.56. The company has a quick ratio of 1.51, a current ratio of 2.12 and a debt-to-equity ratio of 0.52.

Corning (NYSE:GLW) last released its quarterly earnings data on Tuesday, January 29th. The electronics maker reported $0.59 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.02. The business had revenue of $3.04 billion during the quarter, compared to analysts’ expectations of $3.02 billion. Corning had a return on equity of 14.21% and a net margin of 9.44%. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.49 EPS. As a group, research analysts forecast that Corning will post 2 earnings per share for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, February 28th will be given a $0.20 dividend. The ex-dividend date is Wednesday, February 27th. This is a boost from Corning’s previous quarterly dividend of $0.18. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.31%. Corning’s dividend payout ratio is 44.94%.

In related news, insider David L. Morse sold 35,701 shares of the company’s stock in a transaction dated Wednesday, January 30th. The stock was sold at an average price of $33.71, for a total value of $1,203,480.71. Following the completion of the sale, the insider now directly owns 47,961 shares of the company’s stock, valued at approximately $1,616,765.31. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Wendell P. Weeks sold 223,379 shares of the company’s stock in a transaction dated Thursday, February 14th. The shares were sold at an average price of $33.77, for a total value of $7,543,508.83. Following the completion of the sale, the chief executive officer now directly owns 114,943 shares of the company’s stock, valued at $3,881,625.11. The disclosure for this sale can be found here. Over the last three months, insiders sold 328,767 shares of company stock valued at $11,162,588. Insiders own 0.46% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Riverview Trust Co purchased a new stake in Corning during the 4th quarter valued at approximately $26,000. Sontag Advisory LLC purchased a new stake in Corning during the 4th quarter valued at approximately $29,000. Athena Capital Advisors LLC purchased a new stake in Corning during the 4th quarter valued at approximately $33,000. Essex Savings Bank purchased a new stake in Corning during the 4th quarter valued at approximately $34,000. Finally, Hanson McClain Inc. raised its stake in Corning by 72.2% during the 4th quarter. Hanson McClain Inc. now owns 1,193 shares of the electronics maker’s stock valued at $36,000 after acquiring an additional 500 shares during the last quarter. 70.90% of the stock is owned by hedge funds and other institutional investors.

About Corning

Corning Incorporated engages in display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses worldwide. The company's Display Technologies segment manufactures glass substrates for organic light-emitting diodes and liquid crystal displays used in televisions, notebook computers, and flat panel desktop monitors.

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Analyst Recommendations for Corning (NYSE:GLW)

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