Corning Incorporated (NYSE:GLW) Receives Average Recommendation of "Moderate Buy" from Analysts

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) have earned an average rating of "Moderate Buy" from the fourteen brokerages that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $63.25.

Several equities research analysts have weighed in on GLW shares. Susquehanna reiterated a "positive" rating and issued a $75.00 price objective (up previously from $60.00) on shares of Corning in a report on Wednesday. JPMorgan Chase & Co. upped their target price on Corning from $62.00 to $65.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Oppenheimer lifted their price target on shares of Corning from $55.00 to $72.00 and gave the company an "outperform" rating in a report on Wednesday. Argus reissued a "buy" rating and set a $68.00 price objective on shares of Corning in a research report on Wednesday. Finally, Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday.

Corning Trading Down 1.9%

Shares of Corning stock traded down $1.21 on Thursday, hitting $62.03. The stock had a trading volume of 5,845,060 shares, compared to its average volume of 5,070,007. The stock's 50-day simple moving average is $52.73 and its two-hundred day simple moving average is $49.18. Corning has a one year low of $37.18 and a one year high of $63.91. The company has a quick ratio of 1.05, a current ratio of 1.50 and a debt-to-equity ratio of 0.58. The stock has a market cap of $53.13 billion, a price-to-earnings ratio of 65.99, a PEG ratio of 1.59 and a beta of 1.08.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, July 29th. The electronics maker reported $0.60 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.57 by $0.03. The firm had revenue of $3.86 billion for the quarter, compared to analysts' expectations of $3.84 billion. Corning had a net margin of 5.77% and a return on equity of 17.27%. During the same quarter in the previous year, the company earned $0.47 earnings per share. As a group, sell-side analysts predict that Corning will post 2.33 EPS for the current year.

Corning Dividend Announcement

The business 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 1.8%. The ex-dividend date of this dividend is Friday, August 29th. Corning's payout ratio is currently 119.15%.

Insider Transactions at Corning

In other news, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total transaction of $1,035,714.12. Following the completion of the transaction, the executive vice president directly owned 39,759 shares in the company, valued at $2,473,804.98. This trade represents a 29.51% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Michael Paul O'day sold 14,879 shares of the company's stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.36, for a total transaction of $927,854.44. Following the completion of the transaction, the senior vice president owned 35,743 shares in the company, valued at approximately $2,228,933.48. The trade was a 29.39% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 137,381 shares of company stock worth $7,836,789. Company insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Forte Capital LLC ADV increased its stake in Corning by 2.4% in the 2nd quarter. Forte Capital LLC ADV now owns 7,973 shares of the electronics maker's stock worth $419,000 after buying an additional 190 shares during the period. Smith Salley Wealth Management grew its stake in Corning by 3.3% in the 2nd quarter. Smith Salley Wealth Management now owns 6,280 shares of the electronics maker's stock worth $330,000 after acquiring an additional 200 shares in the last quarter. Leigh Baldwin & CO. LLC grew its stake in Corning by 1.7% in the 1st quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock worth $573,000 after acquiring an additional 210 shares in the last quarter. University of Texas Texas AM Investment Management Co. increased its position in shares of Corning by 9.7% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock worth $115,000 after acquiring an additional 214 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its stake in shares of Corning by 1.3% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 16,623 shares of the electronics maker's stock valued at $874,000 after acquiring an additional 214 shares in 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.