Brokerages Set Corning Incorporated (NYSE:GLW) Target Price at $54.31

Shares of Corning Incorporated (NYSE:GLW) have earned a consensus recommendation of “Moderate Buy” from the fourteen analysts that are presently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $54.31.

Several research firms have recently issued reports on GLW. Bank of America raised their price target on Corning from $65.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, March 19th. Barclays reduced their target price on Corning from $53.00 to $52.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 29th. Citigroup boosted their target price on Corning from $55.00 to $58.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Hsbc Global Res upgraded shares of Corning from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 30th. Finally, Morgan Stanley boosted their price objective on shares of Corning from $39.00 to $48.00 and gave the company an “equal weight” rating in a report on Tuesday, December 17th.

Insider Activity

In related news, COO Eric S. Musser sold 30,000 shares of Corning stock in a transaction that occurred on Friday, January 31st. The stock was sold at an average price of $51.92, for a total value of $1,557,600.00. Following the sale, the chief operating officer now owns 152,944 shares of the company’s stock, valued at approximately $7,940,852.48. This trade represents a 16.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 2,209 shares of the company’s stock in a transaction that occurred on Thursday, January 30th. The stock was sold at an average price of $49.87, for a total value of $110,162.83. The disclosure for this sale can be found here. Corporate insiders own 0.40% of the company’s stock.

Institutional Investors Weigh In On Corning

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GLW. Sound Income Strategies LLC boosted its stake in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker’s stock worth $25,000 after buying an additional 227 shares during the last quarter. Sierra Ocean LLC acquired a new position in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new position in Corning during the fourth quarter valued at approximately $29,000. Vermillion Wealth Management Inc. bought a new position in Corning in the fourth quarter valued at approximately $29,000. Finally, Putney Financial Group LLC acquired a new position in shares of Corning during the 4th quarter worth approximately $30,000. 69.80% of the stock is currently owned by institutional investors and hedge funds.

Corning Price Performance

Shares of GLW stock opened at $45.91 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.62 and a debt-to-equity ratio of 0.62. Corning has a 12 month low of $30.72 and a 12 month high of $55.33. The firm has a market cap of $39.33 billion, a price-to-earnings ratio of 79.16, a PEG ratio of 1.50 and a beta of 1.03. The stock has a 50-day moving average price of $49.84 and a 200 day moving average price of $47.95.

Corning (NYSE:GLW) last issued its quarterly earnings results on Wednesday, January 29th. The electronics maker reported $0.57 EPS for the quarter, topping the consensus estimate of $0.56 by $0.01. Corning had a net margin of 3.86% and a return on equity of 15.10%. Research analysts expect that Corning will post 2.33 EPS for the current year.

Corning Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, February 28th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.44%. The ex-dividend date was Friday, February 28th. Corning’s dividend payout ratio is 193.10%.

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.