Corning (NYSE:GLW) Reaches New 52-Week High - Time to Buy?

Shares of Corning Incorporated (NYSE:GLW - Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $56.15 and last traded at $55.90, with a volume of 2951048 shares changing hands. The stock had previously closed at $54.02.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. Morgan Stanley lifted their target price on Corning from $44.00 to $50.00 and gave the company an "equal weight" rating in a report on Tuesday, July 8th. Wolfe Research assumed coverage on Corning in a report on Tuesday, July 8th. They set an "outperform" rating for the company. Citigroup lifted their target price on Corning from $52.00 to $60.00 and gave the company a "buy" rating in a report on Friday, July 11th. Oppenheimer reduced their target price on Corning from $58.00 to $55.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, UBS Group boosted their price objective on Corning from $54.00 to $57.00 and gave the stock a "neutral" rating in a report on Wednesday, July 9th. Four equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Corning has an average rating of "Moderate Buy" and an average price target of $57.45.

Corning Stock Performance

The firm has a market cap of $47.45 billion, a PE ratio of 106.48, a price-to-earnings-growth ratio of 1.50 and a beta of 1.11. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.69 and a quick ratio of 1.05. The company has a 50 day simple moving average of $51.31 and a 200-day simple moving average of $48.65.

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 for the quarter, beating analysts' consensus estimates of $0.51 by $0.03. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.63 billion. Corning had a return on equity of 16.47% and a net margin of 3.34%. The business's quarterly revenue was up 12.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.38 earnings per share. As a group, equities research analysts anticipate that Corning Incorporated will post 2.33 EPS for the current year.

Corning Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be issued 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 dividend yield of 2.02%. Corning's dividend payout ratio is presently 215.38%.

Insider Activity at Corning

In other Corning news, VP John Z. Zhang sold 8,000 shares of the 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 owned 9,610 shares in the company, valued at approximately $450,805.10. This represents a 45.43% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, VP John Z. Zhang sold 9,610 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $49.29, for a total value of $473,676.90. The disclosure for this sale can be found here. Insiders have sold 75,796 shares of company stock valued at $3,632,635 over the last 90 days. Company insiders own 0.40% of the company's stock.

Hedge Funds Weigh In On Corning

Institutional investors and hedge funds have recently modified their holdings of the stock. REAP Financial Group LLC increased its holdings in shares of Corning by 191.5% during the second quarter. REAP Financial Group LLC now owns 516 shares of the electronics maker's stock valued at $27,000 after acquiring an additional 339 shares in the last quarter. Vermillion Wealth Management Inc. purchased a new stake in shares of Corning during the fourth quarter valued at $29,000. Putney Financial Group LLC purchased a new stake in shares of Corning during the fourth quarter valued at $30,000. Investment Management Corp VA ADV boosted its position in shares of Corning by 165.9% during the first quarter. Investment Management Corp VA ADV now owns 742 shares of the electronics maker's stock valued at $34,000 after buying an additional 463 shares during the last quarter. Finally, Annis Gardner Whiting Capital Advisors LLC boosted its position in shares of Corning by 90.1% during the first quarter. Annis Gardner Whiting Capital Advisors LLC now owns 745 shares of the electronics maker's stock valued at $34,000 after buying an additional 353 shares during the last quarter. 69.80% of the stock is currently owned by 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.