Corning (NYSE:GLW) Upgraded to Buy at StockNews.com

StockNews.com upgraded shares of Corning (NYSE:GLW) from a hold rating to a buy rating in a research report report published on Wednesday.

A number of other equities research analysts have also recently weighed in on GLW. Mizuho raised Corning from a “neutral” rating to an “outperform” rating and raised their price target for the company from $44.00 to $47.00 in a report on Wednesday, August 21st. Barclays raised their price target on Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. UBS Group increased their price objective on Corning from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 30th. JPMorgan Chase & Co. increased their price objective on Corning from $55.00 to $60.00 and gave the company an “overweight” rating in a research report on Wednesday, October 30th. 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 research report on Friday, September 20th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $50.08.

Corning Trading Down 0.0 %

Shares of GLW opened at $49.15 on Wednesday. Corning has a 1 year low of $28.30 and a 1 year high of $51.03. The company has a current ratio of 1.66, a quick ratio of 1.05 and a debt-to-equity ratio of 0.62. The stock has a 50 day simple moving average of $47.04 and a 200-day simple moving average of $42.80. The stock has a market cap of $42.08 billion, a PE ratio of 289.12, a PEG ratio of 1.57 and a beta of 1.03.

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

Corning Dividend Announcement

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 paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.28%. The ex-dividend date is Friday, November 15th. Corning’s payout ratio is presently 658.82%.

Insider Buying and Selling

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

Institutional Trading of Corning

Hedge funds and other institutional investors have recently modified their holdings of the company. City Holding Co. raised its stake in shares of Corning by 545.5% in the 3rd quarter. City Holding Co. now owns 710 shares of the electronics maker’s stock valued at $32,000 after purchasing an additional 600 shares during the period. Cassady Schiller Wealth Management LLC acquired a new stake in shares of Corning in the 3rd quarter valued at about $39,000. RPg Family Wealth Advisory LLC acquired a new stake in shares of Corning in the third quarter valued at about $40,000. Global Trust Asset Management LLC increased its position in shares of Corning by 2,250.0% in the third quarter. Global Trust Asset Management LLC now owns 940 shares of the electronics maker’s stock valued at $42,000 after acquiring an additional 900 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its position in shares of Corning by 90.8% in the third quarter. Venturi Wealth Management LLC now owns 994 shares of the electronics maker’s stock valued at $45,000 after acquiring an additional 473 shares during the last quarter. Institutional investors and hedge funds own 69.80% of the company’s stock.

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.