Corning (NYSE:GLW) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Corning (NYSE:GLW) from a buy rating to a hold rating in a research report released on Tuesday.

Several other analysts also recently weighed in on the company. Barclays lifted their target price on Corning from $40.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. UBS Group lifted their target price on Corning from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft lifted their target price on Corning from $49.00 to $54.00 and gave the stock a “buy” rating in a research report on Wednesday, October 30th. Bank of America lifted their target price on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th. Finally, Oppenheimer restated an “outperform” rating and issued a $58.00 price objective (up from $51.00) on shares of Corning in a report on Wednesday, October 30th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.08.

Corning Stock Up 0.5 %

NYSE GLW opened at $48.22 on Tuesday. The company has a quick ratio of 1.05, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a fifty day moving average of $46.70 and a two-hundred day moving average of $42.36. The firm has a market capitalization of $41.29 billion, a price-to-earnings ratio of 283.65, a PEG ratio of 1.53 and a beta of 1.03. Corning has a 52 week low of $27.57 and a 52 week high of $51.03.

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

Corning Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be paid a $0.28 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.12 annualized dividend and a yield of 2.32%. Corning’s dividend payout ratio (DPR) is presently 658.82%.

Insider Buying and Selling at Corning

In other news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $48.39, for a total transaction of $241,950.00. Following the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.40% of the stock is owned by insiders.

Institutional Investors Weigh In On Corning

A number of large investors have recently modified their holdings of the business. West Oak Capital LLC grew its stake in shares of Corning by 0.4% during the third quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock worth $2,328,000 after acquiring an additional 215 shares during the last quarter. Lake Street Advisors Group LLC boosted its position in Corning by 4.5% in the third quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock valued at $246,000 after buying an additional 232 shares during the last quarter. SteelPeak Wealth LLC boosted its position in Corning by 3.3% in the third quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock valued at $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust boosted its position in Corning by 21.5% in the second quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock valued at $55,000 after buying an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. boosted its position in Corning by 1.5% in the third quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after buying an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

About Corning

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.