Corning (NYSE:GLW) Price Target Raised to $54.00 at Deutsche Bank Aktiengesellschaft

Corning (NYSE:GLW) had its price target increased by Deutsche Bank Aktiengesellschaft from $49.00 to $54.00 in a research report sent to investors on Wednesday, Benzinga reports. Deutsche Bank Aktiengesellschaft currently has a buy rating on the electronics maker’s stock.

GLW has been the subject of several other research reports. Oppenheimer raised their target price on shares of Corning from $47.00 to $51.00 and gave the stock an “outperform” rating in a report on Friday, September 20th. Hsbc Global Res upgraded shares of Corning from a “moderate sell” rating to a “hold” rating in a research report on Tuesday, July 9th. JPMorgan Chase & Co. boosted their target price on shares of Corning from $47.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 29th. UBS Group boosted their target price on shares of Corning from $38.00 to $44.00 and gave the company a “neutral” rating in a report on Tuesday, July 9th. Finally, Morgan Stanley reiterated an “equal weight” rating and issued a $39.00 target price on shares of Corning in a report on Friday, July 26th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, Corning currently has a consensus rating of “Moderate Buy” and an average price target of $50.08.

Corning Price Performance

Shares of GLW opened at $48.36 on Wednesday. The company has a market cap of $41.38 billion, a price-to-earnings ratio of 284.47, a price-to-earnings-growth ratio of 1.52 and a beta of 1.03. Corning has a twelve month low of $26.71 and a twelve month high of $51.03. The company has a quick ratio of 0.98, a current ratio of 1.66 and a debt-to-equity ratio of 0.62. The company has a 50 day moving average of $44.52 and a two-hundred day moving average of $40.40.

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 business had revenue of $3.39 billion during the quarter, compared to the consensus estimate of $3.72 billion. During the same period in the previous year, the firm posted $0.45 earnings per share. The business’s revenue for the quarter was up 6.9% compared to the same quarter last year. As a group, analysts predict that Corning will post 1.95 earnings per share for the current fiscal year.

Corning Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 15th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.32%. The ex-dividend date of this dividend is Friday, November 15th. Corning’s dividend payout ratio is presently 658.82%.

Institutional Investors Weigh In On Corning

Large investors have recently modified their holdings of the company. West Oak Capital LLC boosted its holdings in shares of Corning by 0.4% in the 3rd quarter. West Oak Capital LLC now owns 51,565 shares of the electronics maker’s stock valued at $2,328,000 after buying an additional 215 shares in the last quarter. Lake Street Advisors Group LLC raised its position in Corning by 4.5% during the 3rd quarter. Lake Street Advisors Group LLC now owns 5,444 shares of the electronics maker’s stock worth $246,000 after buying an additional 232 shares during the last quarter. SteelPeak Wealth LLC raised its position in Corning by 3.3% during the 3rd quarter. SteelPeak Wealth LLC now owns 7,481 shares of the electronics maker’s stock worth $338,000 after buying an additional 239 shares during the last quarter. Grove Bank & Trust raised its position in Corning by 21.5% during the 2nd quarter. Grove Bank & Trust now owns 1,414 shares of the electronics maker’s stock worth $55,000 after buying an additional 250 shares during the last quarter. Finally, Brown Lisle Cummings Inc. increased its holdings in shares of Corning by 1.5% in the 3rd quarter. Brown Lisle Cummings Inc. now owns 17,050 shares of the electronics maker’s stock valued at $770,000 after purchasing an additional 250 shares in the last quarter. 69.80% of the stock is owned by hedge funds and other institutional investors.

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.