Corning Incorporated (NYSE:GLW) Receives $47.23 Consensus PT from Analysts

Corning Incorporated (NYSE:GLW) has been given a consensus rating of “Moderate Buy” by the fourteen analysts that are presently covering the company, Marketbeat.com reports. Five research analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 1-year target price among brokers that have updated their coverage on the stock in the last year is $50.08.

GLW has been the topic of a number of analyst reports. Barclays increased their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. HSBC upgraded Corning from a “reduce” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Tuesday, July 9th. 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 note on Wednesday. Morgan Stanley restated an “equal weight” rating and set a $39.00 price objective on shares of Corning in a report on Friday, July 26th. Finally, StockNews.com upgraded shares of Corning from a “hold” rating to a “buy” rating in a report on Thursday.

Corning Price Performance

Shares of GLW stock opened at $48.36 on Tuesday. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. Corning has a 12 month low of $26.71 and a 12 month high of $51.03. The firm has a market cap of $41.38 billion, a price-to-earnings ratio of 284.47, a PEG ratio of 1.52 and a beta of 1.03. The stock has a 50-day moving average price of $44.52 and a 200 day moving average price of $40.40.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Stockholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Hedge Funds Weigh In On Corning

A number of large investors have recently modified their holdings of GLW. Price T Rowe Associates Inc. MD boosted its position in Corning by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 17,200,828 shares of the electronics maker’s stock valued at $566,941,000 after purchasing an additional 4,464,893 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Corning by 4.3% in the second quarter. Dimensional Fund Advisors LP now owns 10,342,949 shares of the electronics maker’s stock valued at $401,826,000 after acquiring an additional 426,864 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. grew its position in shares of Corning by 2.1% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 2,096,759 shares of the electronics maker’s stock valued at $69,109,000 after acquiring an additional 42,832 shares during the period. Natixis grew its position in shares of Corning by 2,405.2% in the 1st quarter. Natixis now owns 1,807,801 shares of the electronics maker’s stock valued at $59,585,000 after acquiring an additional 1,735,638 shares during the period. Finally, Raymond James & Associates increased its stake in shares of Corning by 2.6% during the 2nd quarter. Raymond James & Associates now owns 1,664,540 shares of the electronics maker’s stock worth $64,667,000 after purchasing an additional 42,818 shares during the last quarter. 69.80% of the stock is currently owned by institutional investors and hedge funds.

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.