Corning (NYSE:GLW) Reaches New 1-Year High – Should You Buy?

Shares of Corning Incorporated (NYSE:GLW) hit a new 52-week high during trading on Wednesday . The stock traded as high as $46.53 and last traded at $46.53, with a volume of 3493708 shares traded. The stock had previously closed at $44.59.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on GLW. Oppenheimer increased their target price on shares of Corning from $47.00 to $51.00 and gave the company an “outperform” rating in a research report on Friday, September 20th. Barclays increased their price objective on Corning from $36.00 to $40.00 and gave the company an “equal weight” rating in a report on Wednesday, July 31st. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Fox Advisors raised Corning from an “equal weight” rating to an “overweight” rating and set a $45.00 price objective for the company in a report on Monday, June 17th. Finally, Bank of America increased their price objective on Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $47.00.

Corning Stock Up 4.8 %

The stock has a fifty day moving average price of $41.94 and a 200 day moving average price of $38.60. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.57 and a quick ratio of 0.98. The stock has a market capitalization of $40.02 billion, a P/E ratio of 66.23, a price-to-earnings-growth ratio of 1.73 and a beta of 1.04.

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

Corning Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Investors of record on Friday, November 15th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.40%. Corning’s dividend payout ratio (DPR) is presently 157.75%.

Institutional Investors Weigh In On Corning

A number of institutional investors and hedge funds have recently made changes to their positions in GLW. SS&H Financial Advisors Inc. lifted its stake in shares of Corning by 1.5% in the 3rd quarter. SS&H Financial Advisors Inc. now owns 62,217 shares of the electronics maker’s stock valued at $2,809,000 after acquiring an additional 900 shares during the last quarter. USA Financial Formulas purchased a new position in Corning during the 3rd quarter valued at about $1,256,000. Marcum Wealth LLC lifted its holdings in Corning by 4.8% in the 3rd quarter. Marcum Wealth LLC now owns 8,406 shares of the electronics maker’s stock worth $380,000 after buying an additional 387 shares during the period. CWM LLC grew its position in shares of Corning by 18.0% in the 3rd quarter. CWM LLC now owns 25,756 shares of the electronics maker’s stock worth $1,163,000 after buying an additional 3,929 shares during the last quarter. Finally, Daymark Wealth Partners LLC bought a new stake in shares of Corning in the 3rd quarter worth approximately $271,000. Hedge funds and other institutional investors own 69.80% of the company’s stock.

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.