Analysts Set Corning Incorporated (NYSE:GLW) PT at $50.77

Shares of Corning Incorporated (NYSE:GLW) have received a consensus recommendation of “Moderate Buy” from the fourteen brokerages that are presently covering the company, MarketBeat Ratings reports. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $50.77.

A number of research analysts recently commented on the stock. UBS Group increased their target price on shares of Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. StockNews.com downgraded shares of Corning from a “buy” rating to a “hold” rating in a research note on Monday, December 16th. JPMorgan Chase & Co. lifted their target price on Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research report on Wednesday, October 30th. Oppenheimer reissued an “outperform” rating and issued a $58.00 target price (up from $51.00) on shares of Corning in a research report on Wednesday, October 30th. Finally, Bank of America lifted their price target on Corning from $46.00 to $51.00 and gave the stock a “buy” rating in a research report on Friday, September 20th.

Insider Buying and Selling at Corning

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

Hedge Funds Weigh In On Corning

A number of large investors have recently made changes to their positions in GLW. Principal Financial Group Inc. increased its holdings in Corning by 1.4% in the third quarter. Principal Financial Group Inc. now owns 890,981 shares of the electronics maker’s stock valued at $40,228,000 after buying an additional 12,451 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in Corning by 39.7% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 91,821 shares of the electronics maker’s stock valued at $4,130,000 after purchasing an additional 26,097 shares in the last quarter. Beaird Harris Wealth Management LLC raised its holdings in Corning by 105.1% during the third quarter. Beaird Harris Wealth Management LLC now owns 3,259 shares of the electronics maker’s stock worth $147,000 after purchasing an additional 1,670 shares during the last quarter. Franklin Resources Inc. boosted its position in Corning by 48.4% during the third quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after purchasing an additional 62,514 shares in the last quarter. Finally, Peapack Gladstone Financial Corp grew its holdings in Corning by 0.7% in the third quarter. Peapack Gladstone Financial Corp now owns 51,821 shares of the electronics maker’s stock valued at $2,339,000 after purchasing an additional 350 shares during the last quarter. Hedge funds and other institutional investors own 69.80% of the company’s stock.

Corning Stock Up 0.5 %

Shares of NYSE GLW opened at $47.31 on Wednesday. The business has a 50-day moving average of $47.75 and a two-hundred day moving average of $43.69. The company has a market capitalization of $40.51 billion, a price-to-earnings ratio of 278.29, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. Corning has a 1 year low of $29.71 and a 1 year high of $51.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Friday, November 15th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.37%. The ex-dividend date was Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

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.