Shares of Corning Incorporated (NYSE:GLW) have been assigned an average recommendation of “Hold” from the eighteen analysts that are currently covering the company. Two equities research analysts have rated the stock with a sell recommendation, ten have assigned a hold recommendation and six have assigned a buy recommendation to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $26.85.
A number of analysts have weighed in on the company. Stifel Nicolaus restated a “hold” rating and issued a $26.00 price target on shares of Corning in a research note on Wednesday, April 12th. Wells Fargo & Co restated a “market perform” rating on shares of Corning in a research note on Tuesday, January 31st. Zacks Investment Research cut Corning from a “buy” rating to a “hold” rating in a research note on Tuesday, December 27th. Susquehanna Bancshares Inc raised their price target on Corning from $27.00 to $31.00 and gave the company a “positive” rating in a research note on Wednesday, January 25th. Finally, Sanford C. Bernstein cut Corning from an “outperform” rating to a “market perform” rating and set a $26.00 price target on the stock. in a research note on Wednesday, February 1st. They noted that the move was a valuation call.
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In other Corning news, VP Eric S. Musser sold 37,242 shares of Corning stock in a transaction that occurred on Wednesday, January 25th. The stock was sold at an average price of $26.63, for a total value of $991,754.46. Following the sale, the vice president now owns 41,687 shares of the company’s stock, valued at approximately $1,110,124.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Christine M. Pambianchi sold 1,000 shares of Corning stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $27.68, for a total value of $27,680.00. The disclosure for this sale can be found here. Insiders sold a total of 694,809 shares of company stock worth $18,871,745 in the last ninety days. 0.60% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in GLW. Reik & CO. LLC raised its stake in shares of Corning by 10.2% in the third quarter. Reik & CO. LLC now owns 23,415 shares of the electronics maker’s stock valued at $554,000 after buying an additional 2,165 shares during the period. Alpha Omega Wealth Management LLC raised its stake in shares of Corning by 0.5% in the third quarter. Alpha Omega Wealth Management LLC now owns 125,518 shares of the electronics maker’s stock valued at $2,969,000 after buying an additional 598 shares during the period. GHP Investment Advisors Inc. raised its stake in shares of Corning by 8.1% in the third quarter. GHP Investment Advisors Inc. now owns 32,720 shares of the electronics maker’s stock valued at $774,000 after buying an additional 2,439 shares during the period. Concert Wealth Management Inc. raised its stake in shares of Corning by 2.6% in the third quarter. Concert Wealth Management Inc. now owns 31,420 shares of the electronics maker’s stock valued at $744,000 after buying an additional 786 shares during the period. Finally, River Road Asset Management LLC raised its stake in shares of Corning by 1.4% in the third quarter. River Road Asset Management LLC now owns 3,392,186 shares of the electronics maker’s stock valued at $80,225,000 after buying an additional 48,009 shares during the period. 76.84% of the stock is currently owned by institutional investors.
Shares of Corning (NYSE:GLW) traded up 0.93% during midday trading on Monday, reaching $27.11. The company’s stock had a trading volume of 7,306,353 shares. Corning has a one year low of $18.21 and a one year high of $28.36. The company has a market capitalization of $25.16 billion, a P/E ratio of 8.39 and a beta of 1.36. The stock’s 50-day moving average is $27.18 and its 200-day moving average is $25.32.
Corning (NYSE:GLW) last posted its quarterly earnings results on Tuesday, January 24th. The electronics maker reported $0.50 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.06. Corning had a return on equity of 10.90% and a net margin of 39.35%. The company had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.49 billion. During the same period last year, the firm earned $0.34 earnings per share. Corning’s quarterly revenue was up 6.2% on a year-over-year basis. On average, equities analysts expect that Corning will post $1.68 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Shareholders of record on Tuesday, February 28th were issued a $0.155 dividend. This represents a $0.62 dividend on an annualized basis and a yield of 2.29%. The ex-dividend date of this dividend was Friday, February 24th. This is a positive change from Corning’s previous quarterly dividend of $0.14. Corning’s payout ratio is currently 16.67%.
Corning Incorporated is engaged in manufacturing specialty glass and ceramics. Its segments include Display Technologies, Optical Communications, Environmental Technologies, Specialty Materials, Life Sciences and All Other. The Display Technologies segment manufactures glass substrates for flat panel liquid crystal displays (LCDs).
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