Corning Incorporated (NYSE:GLW) Receives $53.08 Average PT from Analysts

Corning Incorporated (NYSE:GLW - Get Free Report) has been given an average recommendation of "Moderate Buy" by the fourteen ratings firms that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $53.08.

Several research analysts have issued reports on GLW shares. Citigroup dropped their price target on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wall Street Zen lowered Corning from a "buy" rating to a "hold" rating in a research report on Tuesday, February 25th. Bank of America increased their price target on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, March 19th. JPMorgan Chase & Co. dropped their price target on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research note on Thursday, April 17th. Finally, Mizuho set a $52.00 price objective on shares of Corning in a research note on Tuesday, April 15th.

Corning Price Performance

NYSE:GLW traded up $0.11 during mid-day trading on Wednesday, reaching $50.56. 553,964 shares of the stock were exchanged, compared to its average volume of 5,933,473. The company has a current ratio of 1.62, a quick ratio of 1.07 and a debt-to-equity ratio of 0.62. The business has a fifty day moving average price of $45.76 and a 200 day moving average price of $47.74. Corning has a 1-year low of $37.05 and a 1-year high of $55.33. The firm has a market capitalization of $43.30 billion, a PE ratio of 87.17, a PEG ratio of 1.50 and a beta of 1.11.

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

Corning Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 27th. Stockholders of record on Friday, May 30th will be issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.22%. The ex-dividend date of this dividend is Friday, May 30th. Corning's dividend payout ratio is currently 215.38%.

Insiders Place Their Bets

In other news, SVP Michael Alan Bell sold 20,262 shares of the stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total transaction of $892,743.72. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Stefan Becker sold 17,106 shares of the company's stock in a transaction on Thursday, May 29th. The stock was sold at an average price of $49.68, for a total transaction of $849,826.08. Following the completion of the sale, the senior vice president now owns 16,117 shares of the company's stock, valued at $800,692.56. This represents a 51.49% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 75,796 shares of company stock valued at $3,632,635 in the last three months. Insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in GLW. Sierra Ocean LLC acquired a new position in Corning during the fourth quarter valued at approximately $25,000. Asset Planning Inc acquired a new stake in shares of Corning in the fourth quarter worth $29,000. Vermillion Wealth Management Inc. bought a new stake in shares of Corning during the 4th quarter worth $29,000. Putney Financial Group LLC acquired a new position in Corning in the 4th quarter valued at $30,000. Finally, Investment Management Corp VA ADV raised its holdings in Corning by 165.9% in the 1st quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock worth $34,000 after acquiring an additional 463 shares during the period. 69.80% of the stock is owned by 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.