Corning Incorporated (NYSE:GLW) Given Consensus Recommendation of "Moderate Buy" by Analysts

Corning Incorporated (NYSE:GLW - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the fourteen analysts that are covering the company, MarketBeat.com reports. Three equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $53.08.

A number of equities analysts recently commented on the company. Bank of America upped their target price on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Hsbc Global Res raised shares of Corning from a "hold" rating to a "strong-buy" rating in a research report on Thursday, January 30th. HSBC raised shares of Corning from a "hold" rating to a "buy" rating and lifted their target price for the company from $51.00 to $60.00 in a research note on Thursday, January 30th. Mizuho set a $52.00 price target on shares of Corning in a research note on Tuesday, April 15th. Finally, Oppenheimer cut their price objective on Corning from $58.00 to $55.00 and set an "outperform" rating on the stock in a research report on Wednesday, April 30th.

Corning Stock Up 1.4%

Shares of Corning stock opened at $48.25 on Friday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.07 and a current ratio of 1.62. Corning has a 52-week low of $35.12 and a 52-week high of $55.33. The company's 50 day moving average price is $44.60 and its 200-day moving average price is $47.51. The stock has a market capitalization of $41.33 billion, a price-to-earnings ratio of 83.19, a P/E/G ratio of 1.50 and a beta of 1.09.

Corning (NYSE:GLW - Get Free Report) last released its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion for the quarter, compared to analysts' expectations of $3.63 billion. Corning had a net margin of 3.86% and a return on equity of 15.10%. The company's revenue for the quarter was up 12.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.38 earnings per share. Equities research analysts forecast that Corning will post 2.33 EPS for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 27th. Shareholders of record on Friday, May 30th will be paid a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend is Friday, May 30th. Corning's payout ratio is 215.38%.

Insider Transactions at Corning

In related news, SVP Michael Alan Bell sold 20,262 shares of the business's stock in a transaction that occurred on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP John Z. Zhang sold 8,000 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $46.91, for a total value of $375,280.00. Following the completion of the transaction, the vice president now owns 9,610 shares of the company's stock, valued at $450,805.10. This represents a 45.43% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.40% of the company's stock.

Institutional Investors Weigh In On Corning

Several institutional investors have recently modified their holdings of the business. Sound Income Strategies LLC boosted its holdings in shares of Corning by 76.7% during the 4th quarter. Sound Income Strategies LLC now owns 523 shares of the electronics maker's stock valued at $25,000 after acquiring an additional 227 shares during the last quarter. Sierra Ocean LLC bought a new position in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc purchased a new stake in Corning in the fourth quarter worth approximately $29,000. Vermillion Wealth Management Inc. purchased a new stake in Corning in the fourth quarter worth approximately $29,000. Finally, Putney Financial Group LLC bought a new stake in Corning in the 4th quarter worth approximately $30,000. 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.

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