Zacks Investment Research upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a research report sent to investors on Friday morning. The brokerage currently has $36.00 price objective on the electronics maker’s stock.
According to Zacks, “Strong demand for Gorilla Glass 5 and fiber optic products remain key catalyst as Corning continues to innovate in the glass substrate industry. Corning’s capability positions it to better serve the increase in demand for LCD panels. The company further aims to move forward in the value chain beyond glass and tap the immense potential of the automotive market, while product portfolio strength and moderating price decline bodes well for future. Corning is making encouraging progress on focused portfolio objectives, remaining well poised to achieve its Strategy and Capital Allocation Framework goals. Management’s aim to return value to shareholders through regular share repurchases and dividends is encouraging. The stock has outperformed the industry in the past six months on an average. However, building a significant position in China under the prevailing economic and political environment is likely to be a challenge for the company.”
GLW has been the subject of a number of other research reports. UBS Group set a $33.00 target price on shares of Corning and gave the stock a hold rating in a report on Tuesday, October 23rd. Argus upped their price objective on shares of Corning from $36.00 to $42.00 and gave the company a positive rating in a report on Thursday, September 20th. Guggenheim reissued a buy rating and issued a $41.00 price objective on shares of Corning in a report on Tuesday, October 23rd. Citigroup dropped their price objective on shares of Corning from $40.00 to $38.00 and set a buy rating for the company in a report on Wednesday, October 24th. Finally, ValuEngine lowered shares of Corning from a buy rating to a hold rating in a report on Monday, November 12th. Five equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Corning has a consensus rating of Buy and an average target price of $36.11.
Shares of Corning stock traded down $0.84 during trading hours on Friday, reaching $31.43. 6,531,430 shares of the company’s stock were exchanged, compared to its average volume of 5,065,304. Corning has a 1 year low of $26.11 and a 1 year high of $36.56. The firm has a market capitalization of $25.83 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 2.08 and a beta of 1.29. The company has a quick ratio of 1.51, a current ratio of 2.13 and a debt-to-equity ratio of 0.43.
Corning (NYSE:GLW) last released its earnings results on Tuesday, October 23rd. The electronics maker reported $0.51 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.03. Corning had a negative net margin of 5.86% and a positive return on equity of 13.22%. The business had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.99 billion. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The company’s revenue for the quarter was up 15.4% compared to the same quarter last year. On average, research analysts anticipate that Corning will post 1.77 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Friday, November 16th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date of this dividend is Thursday, November 15th. Corning’s dividend payout ratio is currently 41.86%.
In related news, Director Deborah Rieman sold 4,430 shares of the company’s stock in a transaction dated Friday, November 16th. The shares were sold at an average price of $32.30, for a total value of $143,089.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, SVP Lewis A. Steverson sold 12,577 shares of the company’s stock in a transaction dated Monday, November 26th. The shares were sold at an average price of $31.47, for a total transaction of $395,798.19. The disclosure for this sale can be found here. Insiders sold 77,975 shares of company stock valued at $2,622,698 in the last three months. 0.46% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Jupiter Asset Management Ltd. lifted its position in Corning by 1.8% in the third quarter. Jupiter Asset Management Ltd. now owns 86,026 shares of the electronics maker’s stock valued at $3,036,000 after buying an additional 1,506 shares during the last quarter. QCI Asset Management Inc. NY lifted its position in Corning by 0.4% in the third quarter. QCI Asset Management Inc. NY now owns 432,151 shares of the electronics maker’s stock valued at $15,255,000 after buying an additional 1,510 shares during the last quarter. GHP Investment Advisors Inc. lifted its position in Corning by 2.5% in the second quarter. GHP Investment Advisors Inc. now owns 63,656 shares of the electronics maker’s stock valued at $1,751,000 after buying an additional 1,550 shares during the last quarter. IFP Advisors Inc lifted its position in Corning by 6.4% in the second quarter. IFP Advisors Inc now owns 25,922 shares of the electronics maker’s stock valued at $713,000 after buying an additional 1,551 shares during the last quarter. Finally, Chicago Partners Investment Group LLC lifted its position in Corning by 5.5% in the second quarter. Chicago Partners Investment Group LLC now owns 32,433 shares of the electronics maker’s stock valued at $892,000 after buying an additional 1,691 shares during the last quarter. 70.83% of the stock is currently owned by institutional investors.
Corning, Inc develops and manufactures specialty glass and ceramics. The company provides glass for notebook computers, flat panel desktop monitors, LCD televisions, and other information display applications; optical fiber and cable and hardware and equipment products for the telecommunications industry; ceramic substrates for gasoline and diesel engines in automotive and heavy duty vehicle markets; laboratory products for the scientific community and specialized polymer products for biotechnology applications; advanced optical materials for the semiconductor industry and the scientific community; and other technologies.
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