Corning (NYSE:GLW) Hits New 52-Week High - Here's What Happened

Key Points

• Corning's stock reached a new 52-week high of $64.22, with a last traded price of $64.21 and a volume of 667,724 shares.
• Analyst ratings show a consensus of "Moderate Buy" with target prices ranging from $60.00 to $65.00, reflecting positive sentiment towards the stock.
• Corning recently declared a quarterly dividend of $0.28 per share, representing a 1.8% yield and a payout ratio of 119.15%.

Corning Incorporated (NYSE:GLW - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $64.22 and last traded at $64.21, with a volume of 667724 shares changing hands. The stock had previously closed at $63.49.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on GLW shares. UBS Group lifted their price target on Corning from $57.00 to $65.00 and gave the stock a "neutral" rating in a research report on Wednesday. Wolfe Research started coverage on Corning in a research report on Tuesday, July 8th. They issued an "outperform" rating for the company. Wall Street Zen raised shares of Corning from a "buy" rating to a "strong-buy" rating in a research report on Saturday, August 2nd. Citigroup upped their price target on shares of Corning from $52.00 to $60.00 and gave the company a "buy" rating in a research report on Friday, July 11th. Finally, Oppenheimer reaffirmed an "outperform" rating and set a $72.00 price target (up previously from $55.00) on shares of Corning in a research report on Wednesday, July 30th. Three research analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Corning currently has an average rating of "Moderate Buy" and a consensus price target of $63.92.

Corning Stock Performance

The company has a debt-to-equity ratio of 0.58, a current ratio of 1.50 and a quick ratio of 0.93. The firm has a market cap of $55.31 billion, a price-to-earnings ratio of 68.72, a P/E/G ratio of 1.61 and a beta of 1.08. The firm has a fifty day simple moving average of $53.59 and a two-hundred day simple moving average of $49.48.

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

Corning Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Friday, August 29th will be paid a dividend of $0.28 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $1.12 annualized dividend and a yield of 1.7%. Corning's dividend payout ratio is presently 119.15%.

Insider Activity

In other news, COO Avery H. Nelson III sold 36,240 shares of the stock in a transaction dated Wednesday, July 30th. The stock was sold at an average price of $62.26, for a total value of $2,256,302.40. Following the transaction, the chief operating officer owned 64,838 shares in the company, valued at approximately $4,036,813.88. This represents a 35.85% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Lewis A. Steverson sold 16,646 shares of the firm's stock in a transaction that occurred on Wednesday, July 30th. The stock was sold at an average price of $62.22, for a total value of $1,035,714.12. Following the transaction, the executive vice president owned 39,759 shares in the company, valued at $2,473,804.98. This represents a 29.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 137,381 shares of company stock worth $7,836,789 in the last quarter. Insiders own 0.40% of the company's stock.

Institutional Inflows and Outflows

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