Corning (NYSE:GLW) Now Covered by Analysts at Mizuho

Mizuho initiated coverage on shares of Corning (NYSE:GLW) in a report issued on Tuesday morning, MarketBeat reports. The brokerage issued a neutral rating and a $36.00 target price on the electronics maker’s stock.

Several other analysts have also weighed in on the stock. StockNews.com upgraded shares of Corning from a sell rating to a hold rating in a research report on Monday, April 1st. Morgan Stanley reiterated an overweight rating and set a $35.00 target price on shares of Corning in a research report on Monday, April 22nd. Susquehanna reiterated a positive rating and set a $40.00 target price on shares of Corning in a research report on Monday, April 1st. UBS Group boosted their price target on shares of Corning from $34.00 to $35.00 and gave the company a neutral rating in a research report on Monday, April 8th. Finally, Barclays boosted their price target on shares of Corning from $28.00 to $35.00 and gave the company an equal weight rating in a research report on Wednesday, January 31st. One analyst has rated the stock with a sell rating, six have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus target price of $35.00.

Corning Price Performance

Shares of Corning stock opened at $33.43 on Tuesday. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.67 and a quick ratio of 1.02. Corning has a fifty-two week low of $25.26 and a fifty-two week high of $36.01. The firm has a fifty day moving average price of $32.40 and a two-hundred day moving average price of $30.74. The company has a market cap of $28.64 billion, a PE ratio of 47.08, a price-to-earnings-growth ratio of 1.70 and a beta of 1.07.

Corning (NYSE:GLW) last issued its quarterly earnings results on Tuesday, April 30th. The electronics maker reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.36 by $0.02. Corning had a net margin of 4.96% and a return on equity of 12.31%. The firm had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $3.12 billion. During the same period in the prior year, the firm earned $0.41 EPS. The business’s revenue was down 11.5% on a year-over-year basis. Analysts expect that Corning will post 1.9 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 27th. Investors of record on Friday, May 31st will be issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 3.35%. The ex-dividend date is Thursday, May 30th. Corning’s dividend payout ratio is 157.75%.

Insider Buying and Selling

In other news, SVP John Z. Zhang sold 12,546 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total value of $419,287.32. Following the transaction, the senior vice president now owns 11,355 shares of the company’s stock, valued at approximately $379,484.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Martin J. Curran sold 16,416 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $33.70, for a total transaction of $553,219.20. Following the completion of the transaction, the vice president now directly owns 65,598 shares in the company, valued at approximately $2,210,652.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP John Z. Zhang sold 12,546 shares of the stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $33.42, for a total transaction of $419,287.32. Following the completion of the sale, the senior vice president now owns 11,355 shares in the company, valued at $379,484.10. The disclosure for this sale can be found here. Insiders sold a total of 239,841 shares of company stock worth $7,971,257 over the last three months. 0.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Corning

Several large investors have recently bought and sold shares of GLW. Wellington Management Group LLP increased its holdings in Corning by 9.0% during the 4th quarter. Wellington Management Group LLP now owns 31,312,779 shares of the electronics maker’s stock worth $953,474,000 after purchasing an additional 2,597,878 shares in the last quarter. Morgan Stanley lifted its position in Corning by 5.1% during the third quarter. Morgan Stanley now owns 21,899,529 shares of the electronics maker’s stock worth $667,279,000 after acquiring an additional 1,060,450 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in Corning by 15.0% during the 3rd quarter. Ameriprise Financial Inc. now owns 17,615,078 shares of the electronics maker’s stock worth $536,114,000 after purchasing an additional 2,301,745 shares during the last quarter. Northern Trust Corp boosted its position in shares of Corning by 2.0% in the third quarter. Northern Trust Corp now owns 12,039,900 shares of the electronics maker’s stock valued at $366,856,000 after acquiring an additional 232,699 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in Corning by 1.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 9,722,106 shares of the electronics maker’s stock valued at $296,054,000 after purchasing an additional 146,807 shares during the period. Institutional investors own 69.80% of the company’s stock.

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.