Corning Incorporated (NYSE:GLW) Receives $47.00 Consensus Price Target from Analysts

Shares of Corning Incorporated (NYSE:GLW) have been assigned an average rating of “Moderate Buy” from the fourteen analysts that are presently covering the company, Marketbeat.com reports. Five analysts have rated the stock with a hold recommendation and nine have issued a buy recommendation on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $47.00.

A number of equities analysts have recently commented on the stock. Hsbc Global Res raised shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. Susquehanna lifted their price objective on shares of Corning from $46.00 to $55.00 and gave the company a “positive” rating in a report on Friday, September 20th. JPMorgan Chase & Co. lifted their price objective on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. Oppenheimer raised their target price on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research note on Friday, September 20th. Finally, Bank of America raised their target price on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a research note on Friday, September 20th.

Corning Stock Up 1.1 %

Shares of NYSE:GLW opened at $44.59 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.98 and a debt-to-equity ratio of 0.63. Corning has a 12 month low of $25.26 and a 12 month high of $46.39. The company has a 50-day moving average price of $41.84 and a 200 day moving average price of $38.51. The company has a market cap of $38.20 billion, a price-to-earnings ratio of 62.80, a PEG ratio of 1.73 and a beta of 1.04.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, July 30th. The electronics maker reported $0.47 earnings per share for the quarter, topping analysts’ consensus estimates of $0.46 by $0.01. Corning had a net margin of 3.53% and a return on equity of 12.69%. The company had revenue of $3.60 billion for the quarter, compared to analyst estimates of $3.55 billion. During the same period in the prior year, the company posted $0.45 EPS. The firm’s revenue for the quarter was up 3.5% on a year-over-year basis. As a group, equities research analysts predict that Corning will post 1.91 earnings per share for the current year.

Corning Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.51%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is currently 157.75%.

Institutional Investors Weigh In On Corning

Large investors have recently added to or reduced their stakes in the business. MBB Public Markets I LLC increased its position in shares of Corning by 806.7% in the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after purchasing an additional 57,800 shares during the last quarter. Bridgefront Capital LLC purchased a new stake in shares of Corning in the 4th quarter valued at approximately $813,000. Wahed Invest LLC increased its position in shares of Corning by 8.6% in the 4th quarter. Wahed Invest LLC now owns 12,982 shares of the electronics maker’s stock valued at $395,000 after purchasing an additional 1,028 shares during the last quarter. Belpointe Asset Management LLC increased its position in shares of Corning by 26.4% in the 4th quarter. Belpointe Asset Management LLC now owns 8,322 shares of the electronics maker’s stock valued at $253,000 after purchasing an additional 1,740 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its position in shares of Corning by 75.5% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 56,777 shares of the electronics maker’s stock valued at $1,871,000 after purchasing an additional 24,421 shares during the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.