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

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) have received a consensus rating of "Moderate Buy" from the thirteen research firms that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price objective among brokers that have issued a report on the stock in the last year is $53.75.

Several analysts have commented on the company. Bank of America raised their price objective on Corning from $65.00 to $68.00 and gave the company a "buy" rating in a report on Wednesday, March 19th. Citigroup decreased their target price on Corning from $58.00 to $50.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. JPMorgan Chase & Co. decreased their target price on Corning from $62.00 to $50.00 and set an "overweight" rating on the stock in a research report on Thursday, April 17th. Mizuho set a $52.00 target price on Corning in a research report on Tuesday, April 15th. Finally, Oppenheimer decreased their target price 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 Performance

Corning stock traded down $0.08 during midday trading on Friday, hitting $52.96. 375,268 shares of the company were exchanged, compared to its average volume of 5,624,881. The firm has a market capitalization of $45.36 billion, a PE ratio of 101.92, a price-to-earnings-growth ratio of 1.43 and a beta of 1.11. Corning has a fifty-two week low of $37.18 and a fifty-two week high of $55.33. The business has a fifty day simple moving average of $49.10 and a two-hundred day simple moving average of $48.10. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.05 and a current ratio of 1.69.

Corning (NYSE:GLW - Get Free Report) last issued its quarterly earnings data on Tuesday, April 29th. The electronics maker reported $0.54 EPS for the quarter, beating the consensus estimate of $0.51 by $0.03. Corning had a return on equity of 16.47% and a net margin of 3.34%. The company had revenue of $3.68 billion for the quarter, compared to analyst estimates of $3.63 billion. During the same period last year, the company earned $0.38 earnings per share. Corning's quarterly revenue was up 12.9% compared to the same quarter last year. On average, sell-side analysts forecast that Corning will post 2.33 earnings per share for the current year.

Corning Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be given a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 dividend on an annualized basis and a yield of 2.11%. Corning's payout ratio is 215.38%.

Insider Activity

In other news, VP John Z. Zhang sold 8,000 shares of Corning 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 sale, the vice president directly owned 9,610 shares of the company's stock, valued at approximately $450,805.10. The trade was a 45.43% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Michael Alan Bell sold 20,262 shares of Corning stock in a transaction on Wednesday, April 30th. The shares were sold at an average price of $44.06, for a total value of $892,743.72. 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 90 days. 0.32% of the stock is owned by insiders.

Institutional Investors Weigh In On Corning

A number of institutional investors have recently modified their holdings of GLW. Leigh Baldwin & CO. LLC grew its stake in Corning by 1.7% during the 1st quarter. Leigh Baldwin & CO. LLC now owns 12,513 shares of the electronics maker's stock worth $573,000 after purchasing an additional 210 shares in the last quarter. University of Texas Texas AM Investment Management Co. raised its stake in Corning by 9.7% during the 4th quarter. University of Texas Texas AM Investment Management Co. now owns 2,422 shares of the electronics maker's stock valued at $115,000 after acquiring an additional 214 shares during the last quarter. Seeds Investor LLC raised its stake in Corning by 3.0% during the 4th quarter. Seeds Investor LLC now owns 7,708 shares of the electronics maker's stock valued at $366,000 after acquiring an additional 221 shares during the last quarter. Harbour Investments Inc. raised its stake in shares of Corning by 2.4% during the 1st quarter. Harbour Investments Inc. now owns 9,489 shares of the electronics maker's stock worth $434,000 after buying an additional 224 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in shares of Corning by 4.7% during the 1st quarter. Geneos Wealth Management Inc. now owns 4,961 shares of the electronics maker's stock worth $227,000 after buying an additional 224 shares in the last quarter. 69.80% of the stock is owned by institutional investors and hedge funds.

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.