Corning (NYSE:GLW) Given New $60.00 Price Target at Citigroup

Corning (NYSE:GLW - Free Report) had its target price upped by Citigroup from $52.00 to $60.00 in a research note issued to investors on Friday,Benzinga reports. Citigroup currently has a buy rating on the electronics maker's stock.

Several other equities analysts have also weighed in on the stock. JPMorgan Chase & Co. reduced their price objective on shares of Corning from $62.00 to $50.00 and set an "overweight" rating for the company in a research report on Thursday, April 17th. Oppenheimer decreased their target price on shares of Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Morgan Stanley raised their target price on shares of Corning from $44.00 to $50.00 and gave the stock an "equal weight" rating in a report on Tuesday. UBS Group raised their price target on shares of Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday. Finally, Bank of America raised their price objective on shares of Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Corning presently has an average rating of "Moderate Buy" and an average price target of $55.73.

Corning Price Performance

Shares of NYSE:GLW traded down $0.68 during trading hours on Friday, hitting $51.58. 4,098,107 shares of the company's stock traded hands, compared to its average volume of 5,374,598. Corning has a 52 week low of $37.18 and a 52 week high of $55.33. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69. The company's fifty day simple moving average is $49.87 and its two-hundred day simple moving average is $48.26. The company has a market cap of $44.17 billion, a price-to-earnings ratio of 99.19, a price-to-earnings-growth ratio of 1.41 and a beta of 1.11.

Corning (NYSE:GLW - Get Free Report) last posted its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a net margin of 3.34% and a return on equity of 16.47%. The company had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. During the same quarter last year, the firm posted $0.38 EPS. The business's revenue for the quarter was up 12.9% on a year-over-year basis. As a group, equities analysts anticipate that Corning will post 2.33 EPS for the current fiscal year.

Corning Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Friday, August 29th will be given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.17%. The ex-dividend date is Friday, August 29th. Corning's dividend payout ratio is 215.38%.

Insider Buying and Selling

In other news, VP John Z. Zhang sold 9,610 shares of Corning stock in a transaction that occurred on Wednesday, May 28th. The shares were sold at an average price of $49.29, for a total value of $473,676.90. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 75,796 shares of company stock valued at $3,632,635. 0.40% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vermillion Wealth Management Inc. bought a new position in Corning during the fourth quarter worth $29,000. Putney Financial Group LLC acquired a new stake in Corning during the fourth quarter worth $30,000. Investment Management Corp VA ADV boosted its stake in Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after buying an additional 463 shares in the last quarter. Annis Gardner Whiting Capital Advisors LLC boosted its stake in shares of Corning by 90.1% in the 1st quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 353 shares in the last quarter. Finally, Resources Management Corp CT ADV boosted its stake in shares of Corning by 66.7% in the 1st quarter. Resources Management Corp CT ADV now owns 750 shares of the electronics maker's stock valued at $34,000 after purchasing an additional 300 shares in the last quarter. 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.